Congress is shocked, shocked by the COVID fraud it created
The House Select Subcommittee on the Coronavirus Crisis issued a report Thursday blaming fintech firms for the pilfering of Paycheck Protection Program loans that began in 2020. But the real fraud is the illusion that members of Congress give a damn about plundering American taxpayers.
PPP was enacted in March 2020 and eventually provided $800 billion in loans to more than 11 million businesses. Congress designed the program to carpet-bomb the nation with federal tax dollars.
What a mess…
The Small Business Administration, which administered the plan, effectively told people, “Apply and sign and tell us that you’re really entitled to the money,” said Justice Department Inspector General Michael Horowitz. He testified PPP was an invitation to fraudsters because there weren’t “even minimal checks to make sure that the money was getting to the right people at the right time.”
Giving a blank cheque and will in the way of checks-n-balances on how the plan was to work…
The feds gave 342 people who said their name was “N/A” PPP loans.
Oh, they sure took it seriously when vetting.
Happily, a scapegoat has been found. According to the new congressional report, the problem was that the financial-technology companies (fintechs) that handled PPP-claims applications failed to show due diligence.
The job/contract was to get money out ASAP, IIRC. I don’t recall the congressional bill said anything about “due diligence”.
PPPs were a typical legislative monstrosity where the profits were privatized while taxpayers suffered the losses. Some fintechs shamelessly exploited a reckless program and received hefty fees based on the loans they approved.
So pelosi (and the dems) gave a contract to a dem-friendly company, who then made a sh!t load of money administering the program on their behave.
No surprise there. Just another FTX/panzi scheme, IMO.
Rep. Clyburn declared, “We must learn from this inexcusable misconduct to erect guardrails that will help ensure that federal programs” are better administered in the future. But it was Congress that inexcusably failed to include any PPP guardrails when it catapulted hundreds of billions at the program.
How many times must congress “learn”? Each new program always seems to be more of the same…. SPEND SPEND SPEND and hope some of it gets into the hands to those the spending bill was created to help… (other than those administering/fraudulently profiting off it).
Though Clyburn now claims to be aghast at the wasteful spending, he championed the political exploitation of the COVID pandemic when Congress created PPP. “This is a tremendous opportunity to restructure things to fit our vision,” he proclaimed in a March 2020 closed phone call with other House Democrats.
We could sure do with LESS of their delusional “vision”.
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