Fraudsters used Paycheck Protection Program loans for Bentleys, diamonds, luxury homes: watchdog

[Geee]

Just the News

This week's Golden Horseshoe goes to the Small Business Administration for millions in Paycheck Protection Program loans it issued to fraudsters who used the money to purchase luxury homes, high-priced jewelry and expensive cars, including a Bentley and two Lamborghinis, according to a watchdog report

 

The Paycheck Protection Program had the highest percentage of cases of criminal activity of all the pandemic relief programs, according to the Pandemic Response Accountability Committee's recent Semiannual Report to Congress.

"A total of 14 OIGs have indictments/complaints, arrests, and/or convictions from April 1, 2021, through September 30, 2021, related to the federal government's COVID-19 pandemic response," PRAC reported. 

The PPP program had 49% of those criminal activity cases.

While the cases of PPP fraud continue to be investigated and reported, some of the more egregious examples are detailed in the recent report and on PRAC's website and show many were able to defraud the loan process.