Government Watchdog: Over $200 Billion in Pandemic Relief Potentially Stolen or Squandered

A government watchdog report reveals that over $200 billion in potential fraud was squandered by the federal government in its rush to provide pandemic relief to small businesses during the COVID-19 crisis. The report highlights the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) as the programs with the highest potential for fraud. While approximately $30 billion of fraudulent funds have been reclaimed so far, experts fear that the unprecedented levels of fraud may hinder future emergency relief efforts. The report also notes that many fraudsters used stolen social security numbers, victimizing innocent individuals in the process. The government has distributed an estimated $5 trillion in relief funds since the start of the pandemic, with over 2,230 defendants facing charges for pandemic-related fraud crimes.