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NPR: Over $200 billion in pandemic business loans appear to be fraudulent, a watchdog says (www.npr.org)

submitted 1 year ago by sendingmath@kbin.social to c/news@kbin.social

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The Office of Inspector General of the Small Business Administration has released a "landscape of fraud" report highlighting why 17% of PPP and other loans appear bogus.

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[–] style99@kbin.social 14 points 1 year ago (3 children)

At the time, government officials said the potential economic emergency posed by the pandemic shutdowns of 2020 necessitated a quick loans — despite the likelihood of fraud.

"There is something to that argument, especially when it's applied to the very early weeks of the program," says Sam Kruger, an assistant professor of finance at the University of Texas who has studied pandemic fraud. But he says the data analysis behind this new report shows the government did have the ability to tighten up the system.

I wonder who keeps insisting on deregulating the system. That turned out to be a bad move.

[–] sphericth0r@kbin.social 1 points 1 year ago

Regulation seems completely unrelated, this was the human need to "do something, anything". Perhaps you can elaborate on the link and relieve my ignorance.

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