From Minnesota orange groves to farms on the Jersey Shore, millions of dollars in fraudulent PPP loans went to fake businesses. How could this happen?
CHARLOTTE, N.C. — No question, the Paycheck Protection Program (PPP) saved jobs and helped small businesses through the pandemic but its quick rollout opened the door for fraud.
“They were in a hurry to get the money out the door, so they had very, very lax review procedures,” explained Dr. Craig Holman, a Capitol Hill lobbyist for Public Citizen, a nonprofit consumer advocacy group.
“The chances for fraud were quite enormous,” he added.