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Over $200 billion in COVID-19 aid may have been stolen

2023-06-28 18:55:57, Kosova & Bota CNA

Over $200 billion in COVID-19 aid may have been stolen

More than $200 billion may have been stolen from two major economic relief programs caused by the spread of COVID-19, estimates the inspector general of the US small business agency, which is investigating government-funded programs. federal funds that helped small businesses survive the worst public health crisis in more than a hundred years.

The numbers released Tuesday by the U.S. Small Business Administration's inspector general are far higher than previously predicted and underscore how vulnerable payday and loan protection programs have been to fraudsters during the pandemic, especially during the early stages.

The inspector general's report says about 17 percent of all funds were disbursed to actors who may have committed fraud.

According to the report, the estimate of fraud in the loan program for the economic damage caused by COVID-19 is more than $136 billion, or 33 percent of the total amount spent on that program. The estimate of fraud in the Wage Protection Program totals $64 billion, the inspector general said.

In comments attached to the report, a senior official at the federal small business agency disputes the new numbers.

Bailey DeVries, the agency's acting administrator for access to capital, said: "The inspector general's approach contains serious flaws that significantly overstate fraud and inadvertently mislead the public into thinking that the work we did together had no impact." important in protecting against fraud ".

The inspector general's office previously estimated that fraud in the COVID-19 disaster loan program was about $86 billion and $20 billion in the wage protection program.

The "Associated Press" news agency announced on June 13 that fraudsters stole about $280 billion in emergency aid for COVID-19 and about another $123 billion were wasted or spent indiscriminately./ VOA





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