The rush to distribute hundreds of billions in Paycheck Protection Program (PPP) loans earlier this year opened the door for massive fraud, and more and more of those scams are beginning to surface.
The New York Times reported earlier this month, “Four months after the federal government’s signature coronavirus relief program for small businesses expired, investigators and lawmakers have only scratched the surface of schemes that illicitly tapped its forgivable loans.” According to the outlet, “The program’s hastily drafted and frequently revised rules, its removal of normal lending guardrails and governmental pressure to swiftly approve applications created the ideal conditions for thievery to thrive.”
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