A watchdog report on fraud and waste in the government's COVID-19 relief efforts showed how the EIDL program emerged as a magnet for fraudsters.
with ABC News that, "in terms of the monetary value, the amount of fraud in these COVID relief programs is going to be larger than any government program that came before it."
All told, the federal government flooded the economy with some $5 trillion to support companies and individuals as the COVID-19 pandemic bore down on the country, including more than $1.2 billion specifically earmarked for small businesses. In this May 28, 2021, file photo, a 'Help Wanted' sign is posted beside Coronavirus safety guidelines in front of a restaurant in Los Angeles."The allure of 'easy money' in this pay-and-chase environment attracted an overwhelming number of fraudsters to the programs," according to the inspector general's new report.
The "easy money" in EIDL was so lucrative that it prompted the creation of a cottage industry: The inspector general's report highlighted a perpetrator who "took his talents to the web, schooling other would-be fraudsters on how to rip off programs meant for struggling entrepreneurs during a crisis."
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