The OIG’s latest estimate is significantly higher than previous projections that speculated approximately $100 billion.
The relief initiatives included the Paycheck Protection and COVID-19 Economic Injury Disaster Loan programs, created to provide emergency financial relief to small businesses and those who lost their jobs due to restrictive lockdown measures.
The report estimated that at least 17% of the relief funds, which totaled approximately $1.2 trillion, were disbursed to potential fraudsters, including “more than $136 billion COVID-19 EIDLs and $64 billion in PPP funds.”
[We had several warnings at the time in the spring of 2020 that the CARES Act left big holes in accountability. This is what happens when we legislate in haste — we repent at leisure. — Ed]
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