The Down-low on The Government’s Crack-down on EIDL Loan Fraud

Ahoy there! So, you’ve heard about this whole kerfuffle over EIDL Loan fraud, right? Indeed, the Biden administration has declared war against these pesky parasites who’ve been pilfering from pandemic relief funds.

These relief funds, in case you’re wondering, were rolled out to help the small fish and big whales alike who were suffering from the pandemic’s impact. But some slippery squids managed to sneak in and steal billions. Not cool, right?

The mighty Biden Squad is swinging into action to fight this fraud. They’ve even established a COVID-19 Fraud Enforcement Task Force to steer investigations and ensure that justice prevails. They’re also spreading the word about COVID-19 fraud to ensure everyone’s in the loop on how to report it.

But that’s not all – Biden’s crew is nudging federal agencies to start playing offense to prevent fraudulent activities. They’re working on sprucing up their fraud detection methods and encouraging agencies to share data to help sniff out foul play.

Taking the Fraudsters to Task

The Biden administration isn’t just blowing hot air; they mean business! They’re all set to hold these fraudulent characters accountable. The Department of Justice is on the move and has already slapped cases on some shady individuals and businesses that milked the relief programs.

As with all things, we’re left with the big question – just how much cash has slipped through the cracks?

Well, according to a November 2020 report by the Government Accountability Office (GAO), Uncle Sam dished out more than $2.6 trillion in pandemic relief funds as of September 2020, with an estimated $2 billion to $4 billion of it possibly being mishandled or grabbed by greedy hands.

But the plot thickens! More recent dartboards point to a possibly higher tally of fraud. According to a nose-wrinkling report from the Office of the Special Inspector General for Pandemic Recovery (SIGPR), the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program were rife with fraud with losses estimated between $4.6 billion to $5.4 billion. Some newer guesstimates even suggest a whopping $60 billion. Ouch!

In the justice front, the Department of Justice disclosed in February 2021 that it had charged more than 150 individuals suspected of COVID-19 related fraud. They even managed to claw back more than $580 million (a drop, but still) in COVID-19 related fraud cases.

Engage with Legal Lifeguards: Lawscape and Lawscape

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