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Let's Cut Some Spending: $78 billion in improper PPP loans



Remember the absolutely critical Omnibus spending bill Congress muscled through at the end of last year? It was 4,000 pages that no one read and cost taxpayers $1.7 trillion.

In our Let's Cut Some Spending series, ForAmerica will chronicle parts of the 2021 and 2022 spending bills from a variety of sources that you probably don't know about - programs, grants and spending of all kinds that should have never happened in the first place and many that are still happening.

Today’s offering: $78 billion in improper PPP loans!

Remember the Payment Protection Program (PPP) checks the federal government doled out so hastily during the pandemic to protect businesses?

From Freedomworks:


The public policy response to COVID-19 is still having significant consequences on American families. Governors locked down entire states, destroying livelihoods and supply chains and setting children back in the classroom. Meanwhile, lawmakers in Washington churned out approximately $6 trillion in relief spending, which has since fueled the inflation hamstring household budgets.
A significant portion of that $6 trillion went to lockdown relief programs such as enhanced unemployment benefits and PPP loans. Unfortunately, like most enormous sums of government spending...
An inspector general report found that the Small Business Administration may have approved over $78 billion in improper PPP loans. Some studies put the number of improper/fraudulent loans at $117 billion.

Many people who didn't need PPP checks got them. Many who did need them didn't.


To the tune of somewhere between $78 BILLION and $117 BILLION!?!


Criminal.

 


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