Just before Biden's inauguration, Trump's administration rushed to eliminate oversight for PPP loans which were flagged for potential fraud and wiped flags from nearly every loan above $2 million.
Out of the $800 billion given out in the program, flagged loans accounted for at least $189 billion. Because the vast majority of PPP loans — 95 percent — have been forgiven, it’s likely that many of these loans that had previously been flagged have been forgiven entirely.
It’s unclear how many loans went to businesses for their intended purpose of saving small businesses from pandemic impacts. But a report done
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