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$5.4 billion in covid aid may have gone to firms using suspect Social Security numbers
Key Excerpts from Article on Website of Washington Post
Posted: February 6th, 2023
https://www.washingtonpost.com/business/2023/01/30/ppp-covid...
The U.S. government may have awarded roughly $5.4 billion in coronavirus aid to small businesses with potentially ineligible Social Security numbers, offering the latest indication that Washington’s haste earlier in the pandemic opened the door for widespread waste, fraud and abuse. The top watchdog overseeing stimulus spending — called the Pandemic Response Accountability Committee, or PRAC — offered the estimate in an alert issued Monday and shared early with The Washington Post. It came as House Republicans prepared to hold their first hearing this week to study the roughly $5 trillion in federal stimulus aid approved since spring 2020. The suspected wave of grift targeted two of the government’s most generous emergency initiatives: the Paycheck Protection Program, known as PPP, and the Economic Injury Disaster Loan, dubbed EIDL. Studying more than 33 million applicants, the PRAC uncovered more than 221,000 ineligible Social Security numbers on requests for small-business aid. That included thousands of cases where the number was “not issued” by the government, for example, or it did not match the correct name and birth information. More than a quarter of those applications, using nearly 70,000 suspect Social Security numbers, were still approved between April 2020 and October 2022 despite the questionable data — and the government loaned those applicants about $5.4 billion, the watchdog found. The full extent of taxpayers’ losses remains unknown, even to Washington.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the coronavirus from reliable major media sources.
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