Majority of emergency COVID paycheck protection loans went to just 5 percent of companies

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The data also showed that the top 1 percent of loans accounted for more than a quarter of the total loan value.

Among those that received the maximum $10 million in support included restaurant chains, law firms churches, and professional staffing services.Watchdogs have also warned that several billions of dollars may have gone to ineligible businesses and fraudsters, Reuters reported.

In September, Calvin Shivers, assistant director of the FBI's Criminal Investigative Division, testified to the Senate Judiciary Committee that the overall $3 trillion in coronavirus-related funding has been a popular target for potential schemersThe identified PPP fraud came from 116 probes conducted by the FBI, Justice Department, and Small Business Administration, Shivers said. Officials who spoke to lawmakers declined to say whether any individuals have been convicted at the time.

The SBA inspector general's office also said it had received tens of thousands of fraud tips and hundreds of investigations have been launched.has begun circulating plans to table a new round of stimulus with a further $332.7 billion in small business relief, including $257.7 billion earmarked for the Paycheck Protection Program, Axios reported.

The data released last night may be instrumental in shaping future stimulus policy and will shed a light on issues with previous programs. Senate Majority Leader Mitch McConnell talks with reporters following the weekly Republican Senate conference meeting in the Mansfield Room at the U.S. Capitol December 01, 2020 in Washington, DC. The Senate GOP leaders were asked about the chances of Congress passing another coronavirus relief bill along with must-pass government funding legislation.

 

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