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06/11/2020
$126 Million in Potential Fraud in Small-Business Loan Program Identified by Authorities
Newsweek
The Paycheck Protection Program (PPP), the government loan initiative set up by lawmakers to save businesses amid the economic fallout of the coronavirus pandemic, has been a direct target of potential fraud to the tune of $126 million.
That is according to Calvin Shivers, the assistant director of the FBI's Criminal Investigative Division, who testified Tuesday to the Senate Judiciary Committee that the overall $3 trillion in coronavirus-related funding has been a popular target for potential schemers.
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