Thousands of small-business loans may have been fraudulent, U.S. House panel finds
Tens of thousands of loans worth billions of dollars may have been subject to fraud, waste and abuse in the $659 billion taxpayer-funded program aimed at helping small U.S. businesses survive the coronavirus pandemic, according to a report released by Democratic lawmakers on Tuesday.
Over $1 billion from the Paycheck Protection Program (PPP) went to companies that received multiple loans, in violation of the program’s rules, the House of Representatives Select Subcommittee on the Coronavirus Crisis said.
Committee Chairman James Clyburn said the Trump administration should have done more to...