We know! You’ve heard this from us multiple times already. But the numbers on how much was stolen from the COVID programs keep skyrocketing.
The SBA’s inspector general issued a new report yesterday finding $200 billion in potential fraud just in that agency’s programs – that is, on top of the enormous known fraud in DOL-administered unemployment programs.
This estimate represents approximately 17 percent of disbursed COVID-19 EIDLs [Economic Injury Distress Loans (the “non-forgivable” loans)] and PPP funds — specifically, more than $136 billion COVID-19 EIDLs and $64 billion in PPP funds. Since SBA did not have an established strong internal control environment (why we can’t fathom!) for approving and disbursing program funds, fraudsters ran rampant. accessing funds that should have been available for eligible business owners adversely affected by the pandemic.
This is only the documented fraud and thievery. We may never really know how much COVID money was lost to outright fraud and government mismanagement – but it was certainly well into the hundreds of billions.
Amazingly Democrats and some Republicans too regard the COVID spending schemes as a government success story. Yes, like the Bay of Pigs and the Afghan withdrawal.