News and Commentary

DOJ’s Fraud Division Subpoenas Big Banks In Investigation Into ‘Potential Abuse’ Over PPP Funds Meant For Small Businesses, Report Says

Ryan Saavedra
DOJ’s Fraud Division Subpoenas Big Banks In Investigation Into ‘Potential Abuse’ Over PPP Funds Meant For Small Businesses, Report Says
Bill Pugliano/Getty Images

The United States Department of Justice has reportedly issued grand jury subpoenas to big banks seeking information about how they distributed emergency coronavirus funds that were intended to keep small businesses afloat during the pandemic.

Reuters reported that the move was “part of a broader investigation into potential abuse” of the $660 billion Paycheck Protection Program (PPP).

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