Trump Wiped Almost All Potential Fraud Flags From Largest PPP Loans in Last Days in Office - 2022-10-06

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F0.png Trump Wiped Almost All Potential Fraud Flags From Largest PPP Loans in Last Days in Office October 6, 2022, Sharon Zhang, truthout.org

An explosive new investigation of data from the Paycheck Protection Program (PPP) finds that, in Donald Trump's final days in office, his administration rushed to eliminate oversight for loans which were flagged for potential fraud or further investigation — and wiped flags from nearly every one of the largest PPP loans.

As the Project on Government Oversight (POGO) revealed in a report published Wednesday, over the course of several weeks before President Joe Biden was inaugurated, the Trump administration went on a spree of eliminating flags on PPP loans, the majority of which went directly to personally enriching the richest Americans. Officials in the Small Business Administration (SBA) eliminated 2.7 million flags between December 2020 and January 2021, as the administration was in its lame duck period.

Special preference was given to the largest loans, which often also went to the largest corporations. On January 16, 2021, four days before President Joe Biden's inauguration, Trump's SBA wiped 99 percent of special review flags, which were given out to every loan above $2 million for separate investigatory purposes.

Wikipedia cite:
{{cite news | first = Sharon | last = Zhang | author2 = Sasha Abramsky | title = Trump Wiped Almost All Potential Fraud Flags From Largest PPP Loans in Last Days in Office | url = https://truthout.org/articles/trump-erased-millions-of-possible-ppp-fraud-flags-in-last-days-in-office/ | work = truthout.org | date = October 6, 2022 | accessdate = October 14, 2022 }}