The PPP program seems to have resulted in billions of dollars of fraudulent loans that have ultimately turned into grants.
Sam Kruger, Economist at MIT
To call it an honor system would imply that people acted with honor, and there's no evidence I've seen that that occurred.
David Autor, Economist at MIT
The SBA Inspector General noted that the program enabled, quote,"an unprecedented level of fraud activity."
SBA Inspector General
COVID fraud was massive in scale and ultimately the cost will be paid by American taxpayers for generations to come.
FBI Springfield Special Agent in Charge Christopher Johnson
Search for Suspicious PPP loan beneficiaries by organization, company or individual name.
BROWSE ALL PPP LOAN DATAOverview of Loan Program Impact and Integrity
A snapshot of impact and irregularities.
11.47M
Loans Approved
968,524
Organizations Approved
$798B
Amount Approved
$763B
Amount Forgiven
$76B
Fraud Suspected
3500+
Indictmented for Fraud
373
People Convicted
70,000+
Loans Flagged
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Dec 12, 2020
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Dec 12, 2020