We’ve been reporting on these pages for almost three years of the massive fraud and financial incompetence of the trillions of dollars of Covid programs. This has been the biggest heist in American history and Dems shrug and say this is just a cost of doing business.
Finally, we have the House Oversight Committee held hearings on the fraud in the $800 billion Paycheck Protection Program.
Committee chair James Cormer compares the government’s incompetent oversight to the swindle of the “big bank bailout” of the Great Recession.
Here are just a few facts about the massive scale of PPP fraud:
- More than 15% of a sample of PPP loans had at least one indication of potential fraud. Around 1.8 million of the PPP’s 11.8 million loans showed signs of fraud, according to an academic working paper cited by The New York Times.
- Researchers estimate that $76 billion in PPP loan money was taken illicitly. That’s almost 10% of the program’s nearly $800 billion budget. Some estimate a 12% fraud rate with would be $100 billion stolen from taxpayers.
- Financial lenders had the highest rate of “suspicious PPP loans. They made almost 30% of all PPP loans but accounted for more than half of its suspicious loans to borrowers
- The Chicago Sun-Times reports that the percentage of “suspicious loans” in the Chicago area was – are you ready for this – 35%!!
Did the government do anything about it? No. Most of those PPP loans were just written off at a loss and were forgiven, meaning they didn’t need to be repaid.”
And never will be. Just a cost of the government doing business.