this post was submitted on 27 Jun 2023
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NPR: Over $200 billion in pandemic business loans appear to be fraudulent, a watchdog says (www.npr.org)
submitted 1 year ago by sendingmath@kbin.social to c/news@kbin.social
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The Office of Inspector General of the Small Business Administration has released a "landscape of fraud" report highlighting why 17% of PPP and other loans appear bogus.

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[–] Jaysyn@kbin.social 6 points 1 year ago (1 children)

This was as designed. "COVID Cash" was a criminal fraud upon US citizens.

[–] dumples@kbin.social 12 points 1 year ago (1 children)

Much better use would have been given to people directly. They could have spent it on business.

[–] Lightninhopkins@kbin.social 3 points 1 year ago (2 children)

Not businesses that were closed.

[–] dumples@kbin.social 4 points 1 year ago

Or business at all. They aren't living breathing things. It's the people who matter

[–] Aesthesiaphilia@kbin.social 1 points 1 year ago

This is why I was in the "give it to businesses to pay their employees" camp. I thought it was a great idea. I foolishly did not foresee the massive amounts of fraud happening.