‘Open Secret’: Vance Says 870,000 Suspected COVID Fraudsters Will Be Barred From Future Fed Loans
Vice President JD Vance announced that roughly 870,000 suspected COVID-era fraudsters will be barred from receiving federal loans in the future.
The Small Business Administration (SBA) will suspend 870,000 American borrowers believed to have contributed to roughly $39 billion of pandemic-era fraud through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). (RELATED: Trump Administration Announces Uncovering More Than $13 Billion In Suspected Fraud)
This is the agency’s largest suspension to date, encompassing 45 states, six territories, and the District of Columbia, according to the SBA.
“If you screwed the American taxpayer, the federal government is now going to say you’re cut off, no more,” Vance said Monday. “You shouldn’t be applying anymore, and if you do apply, you’re no longer able to get those benefits.”
Vance also accused former President Joe Biden’s administration of knowingly facilitating COVID-era fraud, calling it an “open secret.”
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“Did the Biden Administration know this stuff was going on? Of course they did,” Vance said. “It was an open secret… We knew that the PPP program was rife with fraud. I’m not talking about a few dozen cases.” (RELATED: Massachusetts Mayor Charged In Alleged $1,500,000 Pandemic-Era Loan Fraud And Money Laundering Scheme)
“We need to be looking into the officials who were turning a blind eye to this stuff.”
The SBA and its Office of the Inspector General are also launching Operation No Doze, which will send final 30-day demand letters to the suspected fraudsters. The letters will notify the suspected fraudsters and require them to repay their debts within the timeframe.
Prior to the latest announcement, another 560,000 suspected pandemic-era fraudsters were referred to the Treasury for collection in relation to $22 billion in loans.
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