Over $200 billion in Covid-19 loans was distributed to scammers, federal watchdog says

The Small Business Administration Office of the Inspector General’s report on Covid-19 pandemic loan fraud found that the agency disbursed more than $200 billion in potentially fraudulent PPP loans and Economic Injury Disaster loans during the pandemic. The Inspector General said in his report Tuesday that around 4.5 million, or one in five, fraudulent loans were distributed during the pandemic and pointed the blame at government pressure to inject money into the economy without adequate safeguards to prevent fraud.