US Edition'Significant' welfare fraud uncovered during COVID-19 aid investigation
- On Thursday, the Pandemic Response Accountability Committee published a report disclosing that over 40,000 Paycheck Protection Program applications in the U.S. contained false or inaccurate information.
- The committee uncovered notable discrepancies in reported incomes by cross-referencing PPP applicants' earnings with data from federal housing assistance programs.
- The investigation revealed that over $860 million in PPP loans, funded by taxpayers, were acquired through income misrepresentations among tens of thousands of applications, within the broader context of the SBA distributing upwards of $1 trillion in pandemic relief to around 10 million businesses.
- For example, one applicant claimed an annual income of $100,000 to SBA to receive a $20,833 loan but reported $600 income to HUD, while owning multiple businesses that received nearly $900,000 in PPP and other pandemic aid.
- PRAC concluded that most fraud was preventable and urged inspectors, program implementers, and policymakers to improve controls and income verification to reduce cross-agency fraud risks.
15 Articles
15 Articles
'Significant' Welfare Fraud Uncovered During COVID-19 Aid Investigation - The Pennsylvania Daily Star
In a new investigation, a federal committee tasked with tracking COVID-19 assistance fraud found tens of thousands of dishonest or erroneous Paycheck Protection Program applications. The Pandemic Response Accountability Committee (PRAC) report, released Thursday, revealed more than 40,000 instances when applicants for more than $860 million in taxpayer-funded PPP loans “significantly misrepresented their incomes.” The post ‘Significant’ Welfare …
‘Significant’ Welfare Fraud Uncovered During COVID-19 Aid Investigation | The Star News Network
by Thérèse Boudreaux In a new investigation, a federal committee tasked with tracking COVID-19 assistance fraud found tens of thousands of dishonest or erroneous Paycheck Protection Program applications. The Pandemic Response Accountability Committee (PRAC) report, released Thursday, revealed more than 40,000 instances when applicants for more than $860 million in taxpayer-funded PPP loans “significantly misrepresented their incomes.” The Smal…
'Significant' Welfare Fraud Uncovered During COVID-19 Aid Investigation - Worthy Christian News
By Thérèse Boudreaux | The Center Square (Worthy News) – In a new investigation, a federal committee tasked with tracking COVID-19 assistance fraud found tens of thousands of dishonest or erroneous Paycheck Protection Program applications. The Pandemic Response Accountability Committee (PRAC) report, released Thursday, revealed more than 40,000 instances when applicants for more than $860 million in taxpayer-funded PPP loans “significantly misre…
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