Feds ramp up probe into PPP fraud, charge 57 people with trying to steal $175M

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Fox Business

The Department of Justice has charged 57 people since May with trying to steal more than $175 million from a federal rescue program designed to avert mass layoffs and keep small businesses afloat during the coronavirus pandemic.

Acting Assistant Attorney General Brian Rabbitt said during a press conference Thursday the number of fraudulent loans is "significant."

In addition to the 57 cases involving false applications, the department is investigating other potential instances of fraud. Officials are targeting individuals who submitted false applications with the Small Business Administration, which processed the Paycheck Protection Program (PPP) loans.