$200 Billion In SBA Covid Relief Money Went To Fraudsters, Inspector General Reports

The cost of mishandling the Covid-19 pandemic by government is increasing.

The last week has brought us another grim report.

learning loss

Among children who are victimsized by unnecessary school closures. We learned on Tuesday that

Fraudsters have stolen more than 200 billion dollars in Small Business Administration Covid-19 relief funds.

According to a report by the Office of Inspector General of the SBA.

What is meant by

A staggering 17% of $1.2 trillion distributed by the SBA

Economic Injury Disaster Loans and Paycheck Protection Programs (PPP) are two options. SBA fraud is not a new problem, but

The latest estimate of damage is much higher than previous estimates

.

One passage in the

OIG Report

The OIG is criticized for not heeding the warnings of the SBA.

Office of Inspector General

Early (OIG reports) warned about the importance of having a robust internal control environment in order to reduce fraud risk...

[However,]

The agency has weakened or removed controls that are necessary to stop fraudsters from gaining easy access

"These programs will ensure that only eligible entities receive funds."

The report provides examples of different types of fraud. The report offers examples of various types of fraud.

There are 1,300 fake companies.

;

The OIG estimated that the theft could reach $625 million.

.

Another episode features a female

US Army

Chief Warrant officer at Fort Stewart in Georgia joined forces with other criminals to commit a crime.

"Scam the system 150 Times Over"

The report says that she and the others involved in the plot secured $3 million.

The OIG reports that its investigations have so far led to 803 arrests and 529 convictions. It has also recovered $30 billion. Tens of thousands more leads are still being pursued.

Mack Devon Knight, a former Georgia pastor who bilked the SBA of money, was sentenced to a 29-month prison term.

$149,000

Buying a Mercedes-Benz S-Class Sedan

(Video screen-grab)

The SBA accused their own watchdog of vastly overestimating fraud

According to its own calculations, fraud costs the company about 36 billion dollars. Looking

Defense is more important than accountability

The agency also claimed that 86% its fraud estimate occurred

While Trump is still in office

.

The SBA OIG is attributed

$136 billion

The EIDL program was the victim of fraud. It provided low-interest, long-term loans with fixed rates to small businesses. Another

64 billion dollars

Fraud hit the PPP. It gave out loans to individuals, small businesses and nonprofits who were "affected by the pandemic."

"About

EIDL has 1.6 million loans totaling $114 billion that are past due, delinquent, or liquidated.

According to the report, as of May. Over 69,000 loans totaling $3.2 billion were written off. And

"More than 500,000 PPP loan defaults"

--

CNBC

The SBA is just one of the many government stooges who were a victim of major fraud in the Covid-19 welfare organization.

The Department of Labor OIG reported that some

Unemployment insurance: $45.6 billion

The thieves who ate the stolen goods used Social Security numbers to do their work.

205,766 dead people.

More than $200,000 was stolen from the Department of Agriculture in one of the biggest scams.

40 people

Feeding Our Future is a Minnesota-based non-profit.

Charged with stealing $250 million from program to feed children in need

During the pandemic, we operated up to 250 fake locations for meal assistance.

Incompetence in the Covid-relief program by the government is a cost we all share.

The Federal Reserve created hundreds of billions in stolen money, which sucked everyone's buying power and ultimately imposed what is termed "affluence".

A stealth tax without a maximum rate

.