Massive COVID-19 Aid Theft: Federal Watchdog Uncovers $200 Billion Grift

A federal watchdog investigating COVID-19 relief initiatives has estimated that over $200 billion may have been stolen from the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program. The U.S. Small Business Administration inspector general's report indicates that at least 17% of funds disbursed through these programs went to potentially fraudulent actors. The fraud estimate for the COVID-19 EIDL program is over $136 billion, representing 33% of the total money spent, while the PPP fraud estimate is $64 billion. The Biden administration has implemented stricter rules to combat pandemic fraud and proposed a $1.6 billion plan to enhance law enforcement efforts in this regard.