The federal watchdog's report underscores how vulnerable the Paycheck Protection and COVID-19 Economic Injury Disaster Loan programs were to fraudsters.
WASHINGTON — More than $200 billion may have been stolen from two large COVID-19 relief initiatives, according to new estimates from a federal watchdog investigating federally funded programs that helped small businesses survive theby the U.S.
The Associated Press reported June 13 that scammers and swindlers potentially swiped about $280 billion in COVID-19 emergency aid Gene Sperling, a senior White House official overseeing pandemic relief spending, said in a interview Tuesday that 86% of the fraud, or potential fraud, in the emergency loan programs happened during the first nine months of the pandemic when President“$200 billion is a very big number, but this, again, should be remembered as potential fraud,” Sperling said. “We think the amount of likely or actual fraud is significantly less, significantly under $100 billion, perhaps around $40 billion.
Fraud in pandemic unemployment assistance programs stands at $76 billion, according to congressional testimony from the Labor Department’s inspector general, Larry Turner. That’s a conservative estimate. An additional $115 billion mistakenly went to people who should not have received the benefits, according to his testimony.
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