Covid Fraud Thread

#8
#8
Report: At Least 10 Percent of All COVID Relief Funds Were Stolen or Wasted

"Still, the most surprising thing about the Associated Press’s report might be that the overall figure isn’t higher. That probably has to do with how it defines “fraud” and “waste.”

Take, for example, this National Bureau of Economic Research study that found “only 23 to 34 percent of the [PPP’s] funds went directly to workers who would have otherwise lost their jobs.” Or a similar study from the Federal Reserve Bank of St. Louis that found taxpayers paid roughly $4 for every $1 of wages and benefits to workers via PPP. The rest of those dollars went to business owners, which wasn’t the original intention of the program. That’s technically not fraud, nor is it likely to be included in the final tallies of how much aid was wasted during the pandemic—but maybe it should be."


"A 2022 study from the University of Texas at Austin found almost five times as many suspicious Paycheck Protection loans as the $20 billion SBA’s inspector general has reported so far. The research, led by finance professor John Griffin, found as much as $117 billion in questionable and possibly fraudulent loans, citing indicators such as non-registered businesses and multiple loans to the same address.

Horowitz, the pandemic watchdog chairman, criticized the government’s failure early on to use the “Do Not Pay” Treasury Department database, designed to keep government money from going to debarred contractors, fugitives, felons or people convicted of tax fraud. Those reviews, he said, could have been done quickly."
 
#10
#10
#1 fraud
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#13
#13
Guy I know with a business got about 5-6x his annual revenue in federal COVID relief dollars that he'll never have to repay.
 
#21
#21
ButchPlz said:
Guy I know with a business got about 5-6x his annual revenue in federal COVID relief dollars that he'll never have to repay.
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Until they audit him. If that’s the case then he likely submitted a fraudulent application.
 
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