More than $200 billion in Covid relief loans and grants were distributed to potentially fraudulent actors, nearly one-fifth of all Small Business Administration funds disbursed in the U.S., according to a new estimate by the SBA inspector general.
were distributed to potentially fraudulent actors, nearly one-fifth of all Small Business Administration funds disbursed in the U.S., according to a new estimate by the inspector general for the SBA.
NBC News reported that fraud in the two programs, which together approved 22 million loans, could reach as high as $160 billionThe new number shows that as much as 17% of the programs’ revenue may have been stolen. That’s far above the 5% that the Association of Certified Fraud Examiners estimates is the standard amount of expected fraud for any organization’s finances.
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