More than US$200 billion in Covid small business loans stolen, says US watchdog | The Malaysian Insight

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More than US$200 billion in Covid small business loans stolen, says US watchdog

The US government provided around US$4.6 trillion of funding for pandemic response and recovery, says a recent estimate. – EPA pic, June 28, 2023.

THE United States lost more than US$200 billion to fraud from two schemes designed to help small businesses through the Covid-19 pandemic, according to a US government watchdog report. “We identified multiple schemes used by fraudsters to steal from the American taxpayer and exploit programmes meant to help those in need,” the Small Business Administration’s Office of Inspector General said in a new report.

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