Fraudsters potentially stole more than $280 billion COVID-19 relief funding; another $123 billion was wasted or misspent. Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in EDIL loans, PPP loan and other COVID relief aid.
A Coventry man has been charged with fraudulently obtaining Paycheck Protection Program funds and then using the money for personal expenses.
Financial technology firms abdicated their responsibility to screen out fraud in applications for a federal program designed to help small businesses stay open and keep workers employed during the pandemic, a report by a House investigations panel said last week.
A Stamford business owner has been sentenced to more than three years in prison for a Paycheck Protection Program fraud scheme that involved more than $4 million in loans from M&T Bank and Citibank.
