The federal government doled out $1.3 billion in forgivable coronavirus loans to people whose applications were submitted from foreign IP addresses, according to a new Small Business Administration Inspector General report.

The Economic Injury Disaster Loans (EIDLs), which were in effect grants, were supposed to be for U.S. businesses which were unable to pay their employees because of coronavirus. But the hemorrhaging of huge amounts of government spending all at once was accompanied by significant fraud, with the government having little opportunity to vet applicants.

Read More

Leave a ReplyCancel reply