Tens of thousands of fraudsters splurged on Lamborghinis, vacation homes, private jet flights and Cartier jewelry by fleecing the PPP loan system in a $200 billion heist — and did it because the COVID loan scheme was so easy to milk.
Approximately $1.2 trillion was rushed through Congress in 2020 and 2021 in COVID bailout cash for businesses and spent on the Economic Injury Disaster Loan Program (EIDLP) and the Paycheck Protection Program (PPP) schemes.
But a new report from the Small Business Administration’s Office of Inspector General reveals an astonishing 17% vanished to fraud — an estimated total of $200 billion.
And the SBA says it estimates there are more than 90,000 “actionable leads,” while it has already prosecuted dozens — including a former New York Jets wide receiver, Josh Bellamy.
And the Worse Violators are the DEMOCRATS !!!!!!
Audit the ones in CONGRESS the worse Violators !!!!
repos all property and sell with all money put back in the treasure to pay on national debt only
The best scam artists in the whole PPP fraud were people offering to help people to get a loan for a cut. What I was hearing was 50% of the loan you received, so obviously they were preying on greedy idiots. They could get 20 people signed up, make up to $200K and not have your name on anything. They can also sleep soundly at night knowing that the FBI and IRS are both too busy targeting Conservatives to ever investigate.
White House the worse Violators !!!!