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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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[–] lawyerjsd@kbin.social 11 points 1 year ago (5 children)

In economic aid packages like this, the goal is to spread money around in hopes people will spend it. Drop the cash from a helicopter, give it to random citizens, it doesn't actually matter so long as the money goes out the door.

[–] keeb420@kbin.social 9 points 1 year ago (1 children)

Except it really does. If you give a billionaire a thousand dollars they're gonna sit on it. If you give a poor person a thousand dollars they are gonna spend it on things they need.

[–] GeneParmesan@kbin.social 5 points 1 year ago

Is that true? All I heard was “nobody wants to work anymore” six months after getting the stimulus checks. Surely the poor were able to turn their $1,400 into millions, right? /s

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