The cost of mishandling the Covid-19 pandemic by government is increasing.
The last week has brought us another grim report.
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
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...
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
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.
Buying a Mercedes-Benz S-Class Sedan
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
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."
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"
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.
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