As of July 4, 2022, the Small Business Administration provided 11.47M loans totaling $792.6B. The intent of the program was to provide incentives for small businesses to keep their workers on the payroll.
Six Individuals Charged with Fraudulently Obtaining $1 Million from the Paycheck Protection Program in Scheme Investigated by PRAC’s Fraud Task Force
This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.
PRAC Issues Fraud Alert Follow-Up: Improved Data Sharing and Agencies’ Use of the Do Not Pay System Would Strengthen Program Integrity
The Pandemic Response Accountability Committee (PRAC) issued a Fraud Alert follow-up that shows the potential benefits of agencies using the Department of Treasury’s (Treasury) Do Not Pay (DNP) system to prevent and detect fraud.
Recent headlines state that $191 billion in pandemic unemployment insurance was lost to fraud. Not exactly. In this Department of Labor Office of Inspector General's Congressional Testimony, around $76 billion of that is classified as fraud. The rest of those funds are referred to as improper payments.
Our Paycheck Protection Program (PPP) dashboard shows that 10.5 million loans out of 11.5 million have been fully or partially forgiven. The average PPP loan was $42,000, so getting it forgiven (meaning you don’t have to pay it back) could be a big financial benefit.
Robert A. Westbrooks, Executive Director of the Pandemic Response Accountability Committee (PRAC), announced a new way to view data on PandemicOversight.gov.
We talk a lot about the big pandemic relief programs, like the $800 billion Paycheck Protection Program. But what about the smaller programs that received funds to help fight the effects of the pandemic?
President Biden signed H.R. 7334 and H.R. 7352 into law last week, extending the statute of limitations for Paycheck Protection Program and COVID-19 Economic Injury Disaster Loan fraud from 5 years to 10 years.
Michael E. Horowitz, Chair of the Pandemic Response Accountability Committee (PRAC), heralded last week’s Senate passage of legislation that extends the statute of limitations for Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) fraud from 5 to 10 years.
Identity fraud has been rampant during the Pandemic. Our Identity Fraud Reduction and Redress Working Group provides insights agencies can use to keep you, your identity, and the benefits you deserve safe.