‘Biggest fraud in a generation’: The looting of the Covid relief plan known as PPP

The official in charge of Covid relief tells NBC News' Lester Holt that programs like PPP were structured in ways that were "an invitation" to fraudsters.

03/29/2022 Community Grifting 0

They bought Lamborghinis, Ferraris and Bentleys.

And Teslas, of course. Lots of Teslas.

Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations.

They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program.

The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its disturbing implications are only now becoming clear.

NBC

Thanks ScottInManhattan