More than $200 billion in federal aid to small businesses during the pandemic may have been given to fraudsters, a report from the Small Business Administration revealed on Tuesday.
As the agency rushed to distribute about $1.2 trillion in funds to the Economic Injury Disaster Loan and Paycheck Protection programs, it weakened or removed certain requirements designed to ensure only eligible businesses get funds, the SBA Office of Inspector General found.
Small businesses got more than $200 billion in potentially fraudulent COVID loans, report finds
