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Paycheck Protection Program (PPP)
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.
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.
Improper Payments vs. 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.
One reason why a Paycheck Protection Program loan may not have been forgiven
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.
PRAC Releases A New Way To Show Pandemic Funding By Individual Federal Agencies
Robert A. Westbrooks, Executive Director of the Pandemic Response Accountability Committee (PRAC), announced a new way to view data on PandemicOversight.gov.
Have you heard about these? Here are 5 relief programs under $500 million.
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 Signs Legislation Giving Watchdogs More Time to Fight Pandemic Fraud
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.
PRAC Welcomes Newly-Passed Legislation Extending Statute of Limitations on Pandemic Relief Fraud
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.
What’s the government doing now to protect you from identity fraud?
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.