Justice might finally be catching up with some of the fraudsters: A total of 803 arrests have taken place as of May 2023 for pandemic fraud, according to the SBA.
I believe they have written most off. Some prosecutions have happened but only for egregious cases. I resent that a lot business owners in the gray area between legit and shady saw they can just blow off the loans and keep free money, never mind that the whole reason for the program was to give all people money by letting their bosses distribute it, hence the name “paycheck” protection. I feel like it was a huge taxpayer giveaway to the people with enough money to run multiple businesses.
How much of that has been clawed back so far?
I believe they have written most off. Some prosecutions have happened but only for egregious cases. I resent that a lot business owners in the gray area between legit and shady saw they can just blow off the loans and keep free money, never mind that the whole reason for the program was to give all people money by letting their bosses distribute it, hence the name “paycheck” protection. I feel like it was a huge taxpayer giveaway to the people with enough money to run multiple businesses.