PPP Load Fraud is facing a MAJOR Crack from the current administration in 2022. And this is seriously getting out of control. Thousand of people applied for paycheck protection loans fraudulently.
According to tax.thomsonreuters.com
Federal Paycheck Protection Program Loan Fraud
During the course of the program, over 8.5 million employers received PPP loans to cover payroll costs and nonpayroll costs during the COVID-19 pandemic. Despite helping many businesses, some bad actors took advantage of the program to claim funds fraudulently. The Office of the Inspector General (OIG) issued a report in May that identified more than 70,000 loans totaling over $4.6 billion in potentially fraudulent PPP loans. The OIG found that the SBA lacked the organizational structure to combat PPP fraud throughout the implementation of the program. Further, the OIG found that the SBA did not provide sufficient guidance to lenders on how to identify, track, address, and resolve potentially fraudulent PPP loans. During the OIG’s review, the SBA established the Fraud Risk Management Board tasked to coordinate fraud risk prevention, detection, and response activities.
LYFE Accounting
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