$3 Billion of Wrongly Used PPP Funds: Where is the Urgency?
WASHINGTON, D.C. – Yesterday, the House Select Subcommittee on the Coronavirus Crisis released a new report detailing the troubling pattern of fraud in Trump’s poorly designed, poorly executed Paycheck Protection Program. The report reveals that a whopping 3 billion taxpayer dollars may have been subjected to abuse, fraud, and waste in the program while hundreds of thousands of small businesses, many Black- and other minority-owned, have permanently shuttered.
But amid this chaos, some lawmakers at the subcommittee’s hearing downplayed the gravity of PPP fraud and misuse — even as small businesses still struggling to stay afloat head toward an even harder fall without additional aid secured.
“Congress found that the Paycheck Protection Program was rife with fraud. The question is, what will lawmakers do about it?” said Kyle Herrig, president of Accountable.US. “Trump’s poorly designed, poorly executed PPP allowed fraudsters to run away with millions while actual small businesses across the country were forced to close. Lawmakers need to ensure that the next small business relief package includes strong, enforceable transparency measures so abuse and waste don’t reach this devastating degree again.”
MORE ON THE NEW REPORT:
- NBC News: Congressional investigation finds over $1 billion in PPP fraud
- Newsweek: Republicans, Steve Mnuchin Shrug Off Billions in Potential PPP Loan Fraud
- Common Dreams: New Committee Report Finds Rampant Fraud in PPP
- The Week: House flags 11,000 PPP loans totaling $3 billion for potential fraud