Tens of thousands of loans worth billions of dollars may have been subject to fraud, waste and abuse in the $659 billion taxpayer-funded program aimed at helping small U.S. businesses survive the coronavirus pandemic, according to a report released by Democratic lawmakers on Tuesday.
U.S. Treasury Secretary Steve Mnuchin testifies before the U.S. House Select Subcommittee on the Coronavirus Crisis on the Trump administration's response to country's economic crisis, on the Capitol Hill in Washington, D.C., U.S. September 1, 2020. Graeme Jennings/Pool via REUTERS
“Taxpayers should not have to choose between quickly getting aid to those who need it and wasting federal funds. And there are simple steps that could have been taken to improve oversight and reduce fraud,” Clyburn said. Mnuchin said he was willing to provide more money for state and local governments, a key sticking point, despite his belief that they were “hoarding” prior aid.The PPP provided more than 5.2 million forgivable loans through the U.S. Small Business Administration by the time it ended on Aug. 8. The SBA did not immediately respond to requests for comment, but its internal watchdog has also found “strong indicators” of potential PPP fraud.
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