PPP fraud is ‘worst in history’: $200B stolen and blown on Lamborghinis, beach houses and bling

[Kamaji]

PPP fraud is ‘worst in history’: $200B stolen and blown on Lamborghinis, beach houses and bling

By Jeanette Settembre
July 14, 2023

Tens of thousands of fraudsters splurged on Lamborghinis, vacation homes, private jet flights and Cartier jewelry by fleecing the PPP loan system in a $200 billion heist — and did it because the COVID loan scheme was so easy to milk.

Approximately $1.2 trillion was rushed through Congress in 2020 and 2021 in COVID bailout cash for businesses and spent on the Economic Injury Disaster Loan Program (EIDLP) and the Paycheck Protection Program (PPP) schemes.

But a new report from the Small Business Administration’s Office of Inspector General reveals an astonishing 17% vanished to fraud — an estimated total of $200 billion.

And the SBA says it estimates there are more than 90,000 “actionable leads,” while it has already prosecuted dozens — including a former New York Jets wide receiver, Josh Bellamy.

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Source:  https://nypost.com/2023/07/14/ppp-fraud-is-worst-in-history-200b-stolen-splurged-on-lamborghinis-and-bling/

[Bigun]

Just the tip of the iceberg unfortunately.

[Free Vulcan]

[christian]

So much better than Trump in office, EH?