Title: Fraudsters Looting $4.5 Billion
Original CoS Document (slug): fraudsters-looting-4-5-billion
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Created: 2023-09-18 12:21:57
Updated: 2024-03-04 07:51:16
Published: 2023-09-20 00:00:00
Converted: 2025-04-14T21:27:08.519776949
Washington’s inability and inefficiency helped fraudsters steal billions of our money during the COVID-19 pandemic. The federal government disbursed trillions of dollars without a proper payment procedure, oversight, or accountability.
The Small Business Administration (SBA) Office of the Inspector General (OIG) found that almost $4.5 billion of fraudulent payments have been made under the Economic Injury Disaster Loan (EIDL) program during the pandemic.
According to the SBA OIG report in November 2021, 117,135 emergency EIDL grants were seen as likely improper, and 44,920 (or 38.3%) were considered fraudulent.
This finding by the OIG means that many of the emergency loans were awarded to ineligible or fraudulent entities.
The OIG report also identified over $3.1 billion in COVID-19 EIDL and $550 million in emergency EIDL grants distributed to ineligible recipients in 2020.
This happened because our government needed to implement standard accounting processes to ensure the assistance was awarded as designed.
In most cases, we will not recapture these fraudulent payments
Oh well! It's only our money!
Stay tuned to our BLOG to know more about how your government is frittering away your money.
Source: SBA, OIG report of November 2021
Tags: #mifederalfritters