$4.2 billion: That’s the value of 22,529 loans issued under the Paycheck Protection Program that were identified as being subject to “fraud, waste, or abuse” in an October report by the House Select Subcommittee on the Coronavirus Crisis.
A separate investigation by the Wall Street Journal identified around $2 billion in PPP loans that had been issued to 1,500 companies facing allegations of violating government regulations or criminal conduct, and another 432 companies that laid off workers after getting approved for a total of nearly $1 billion in loans. …
Medium.***
