As Congress gets ready to (maybe) pass another round of Covid relief, Warren Buffett said that there will be more fraud associated with the PPP program and this is just what happens in “wartime”:
"There will be fraud connected to do it. If you try to do something huge like that. You'll read stories about people … that happens in war time." says Warren Buffett on funding more PPP. "Don't let that turn you away from something where millions of people are being helped." pic.twitter.com/kJqbqMMqkK
— CNBC (@CNBC) December 15, 2020
Yeah, well, maybe it’s time to put more investigators on the case because stealing from taxpayers in wartime isn’t something we should tolerate:
Oof, PPP fraud:
"A Small Business Administration fraud hotline that took in 742 complaints in 2019 has received more than 100,000 this year."https://t.co/1WJKffNJSM
— Morgan Housel (@morganhousel) December 9, 2020
And maybe people aren’t aware of just how much fraud there is? Here are a few stories we found from just this week. . .
In Florida, this “ministry” was accused of bilking taxpayers for $8.4 million. Feds seized millions set aside to buy a home in Orlando and arrested the family in their car with bags filled with shredded documents and other evidence:
— New York Post (@nypost) December 17, 2020
And a recent report from the Miami Herald found business owners “facing criminal charges or convicted of fraud or other financial crimes in the past 5 years” have received taxpayer funds:
SPECIAL REPORT: Several PPP loans went to businesses that appear to be tied to owners facing criminal charges or convicted of fraud or other financial crimes in the past 5 years, either of which would make them ineligible for the loans, an analysis shows. https://t.co/TdtUiNUKSC
— Miami Herald (@MiamiHerald) December 16, 2020
This guy is accused of only taking $35,000, which compared to these others maybe we should just let him keep it?
The indictment against Welch is the first PPP fraud case to be charged in Montana.
— Great Falls Tribune (@GFTribune) December 17, 2020
This business is being accused of taking almost $7 million in fraudulent loans:
Pa. dealership group accused of PPP fraud https://t.co/w2Jww3U1LQ
— Automotive News (@Automotive_News) December 7, 2020
Here’s a non-existent farm in Maine that received $1.2 million:
As @SBAGov works to address suspected cases of fraud in the PPP program, I’ve requested an expedient investigation into the loan awarded to “Common Ground Organic Farm.” #mepolitics https://t.co/FlgHOgfkSg
— Congresswoman Chellie Pingree (@chelliepingree) December 9, 2020
A guilty plea in Virginia over $350,000:
Businessman Pleads Guilty to Paycheck Protection Program Fraud: Scott Suber of Virginia Beach pleaded guilty to bank fraud by submitting a fraudulent application for a Paycheck Protection Program (PPP) loan. https://t.co/ndUEKmW1QL
— FBI Norfolk (@FBINorfolk) December 10, 2020
Feds are accusing this pair of taking $1.7 million in funds:
North Carolina Restaurant Owner and Son Charged with COVID-Relief Fraud https://t.co/kwunEdEHyT
— Justice Department (@TheJusticeDept) December 17, 2020
Another guilty plea, this time in Arkansas over almost $2 million in fraud:
— U.S. Attorney EDAR (@EDARNEWS) December 10, 2020
But it’s not just the fraud that’s a problem. Can we please figure out how Gov. Newsom was able to secure taxpayer money for his businesses while so many others in California were shut out?
.@GavinNewsom’s businesses clearly got a special deal with taxpayer money intended for emergency relief.
— Washington Examiner (@dcexaminer) December 10, 2020
Or how about looking into Georgia Dem. Rev. Warnock and ask how his voter registration group got the money?
.@ReverendWarnock’s voter registration group — already under investigation for FRAUD — received $482,000 in PPP funding.
— Kelly Loeffler (@KLoeffler) December 9, 2020