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The $2 trillion economic relief package from Congress' Coronavirus Aid, Relief, and Economic Security (CARES) Act has been steadily infused into our economy since March. One well-known example of these stimulus funds is the Small Business Administration's (SBA) Paycheck Protection Program (PPP), through which over 4.9 million businesses received $521 billion in forgivable loans to help maintain payroll, rehire employees and cover rent and utilities. Compared to other government-backed loan programs, the speed with which lenders processed and approved PPP applications was unprecedented.
Early on, the government made clear its commitment to rooting out fraudsters attempting to pilfer PPP funds. In late April, Treasury Secretary Steven Mnuchin said the SBA would conduct a full audit of PPP loans over $2 million prior to forgiveness and that borrowers may face criminal liability if they make false loan certifications. Based on loan data released by the SBA and Treasury Department (as of June 30), a modest number of the 4.9 million PPP loans fall above the $2 million mark — approximately 294,000, or 0.6%. But the value of these loans is significant — over $10 billion — and underscores the importance of government monitoring and enforcement.
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