PPP Loan Fraud now at $3 Billion

A House Select Subcommittee released a report yesterday detailing an analysis on The PPP Loan Program. Specifically, it found 11,000 problem loans totaling over $3 Billion.
Yep. That’s right. That’s $3 Billion with a B. The news on this program just continues to deteriorate.
The issues addressed in the report include the following…
1 – Addresses on loan applications that do not match those used in the Federal Government’s Award Management System
2 – 10,856 loans went to companies that received more than one loan
3 – 613 loans went to companies that were specifically barred from doing business with the Federal Government
4 – 353 loans went to companies that were previously flagged for performance and integrity issues
The question becomes who is going to prosecute all of this fraud?
How many investigators will it take? How many attorneys? How many courtrooms and judges will be needed to hear all of these cases? Given the sheer numbers and the amount of the fraud in question, how will the wrongdoers be punished?
Given these existing problems, will another round of PPP Loans ever be supported by any politician seeking another term in office?
Probably not. And it’s a shame.
It’s a shame that honest and honorable entrepreneurs must pay the price for other’s who break the rule of law. It’s a shame that countless businesses will probably fail because of this. It’s a shame that all of the people employed by those businesses will end up on unemployment.
And it’s a shame that our economy will suffer even more as a result.
Let me leave you with this one thought…
There are bright gleaming glimmers of hope in these troubling times. It seems as though Entrepreneurs are doing exactly what we do best.
Many are improvising, overcoming, and adapting.
Let’s realize that money hasn’t stopped flowing. Much of it has stopped moving in traditional manners. But that certainly doesn’t mean that it has stopped.
Rather, it has moved…
To all of my Brothers and Sisters in retailing who finally realized that they need an online presence and an online store…I salute you.
To all of my Brothers and SIsters in the service industry who have changed and upgraded their offerings…I salute you.
To all of my Brothers and Sisters in whatever business you call home, who have changed and updated their business models…I couldn’t be more proud of you and your hard work.
Change is never easy. Change is hard. At times it is impossible.
But that’s the job.
Noone ever said that it would be easy. Noone ever said that it would be fun. The job of managing Men, Money, Machinery, and Marketing when it’s all your Men, Money, Machinery, and Marketing, is no easy task. Our employees may think that it is easy. Our customers may think that it’s a breeze. Our suppliers may think that we are lucky or blessed.
But we know differently, don’t we?
We know the sacrifices and hard work that it takes. We know the risk and impossible decisions that it takes. We know what it takes to make it through these most difficult times.
Please also know that we stand beside you and are here to help.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything that you need, whether you are a current client or not, please contact us today. I’m here and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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