Banks that facilitated the U.S. government’s Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic. But as taxpayers begin to take on the cost of forgiving those loans, lenders like JPMorgan Chase… Continue reading U.S. Banks Sweat Regulatory Exposure from PPP Loans
Tag: PPP fraud
House Investigators Warn of Possibly ‘Billions of Dollars’ in PPP Fraud and Abuse
Congressional investigators say they have identified lapses pointing to possible fraud and abuse in a key coronavirus relief program, including more than $1 billion awarded to small businesses that received multiple loans. A report issued Tuesday by a House subcommittee says a lack of government oversight and accountability for the $600 billion-plus program “may have… Continue reading House Investigators Warn of Possibly ‘Billions of Dollars’ in PPP Fraud and Abuse