During the pandemic, the government extended a $1.2 trillion lifeline through the Paycheck Protection Program (PPP). Four years on, the sobering stats show that the Small Business Administration was victimized by fraudsters who made off with hundreds of billions of dollars of loans. They lied...
The Biden administration wants congressional approval for a $1.6 billion plan tackling COVID-related fraud. The proposal, announced Thursday (March 2), would prosecute people who committed fraud related to the government’s pandemic relief funds, while also creating protections for victims of identity theft. A White House...
FinTechs failed the American government during the pandemic, while traditional banks wisely sat things out. That’s the short version of a new congressional report that is blaming FinTech companies for causing tens of billions of dollars in losses incurred by the U.S. government due to...
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were tasked with processing PPP applications and screening out those with signs of fraud, but failed...
April 09, 2025
During the pandemic, the government extended a $1.2 trillion lifeline through the Paycheck Protection Program (PPP). Four years on, the sobering stats show that the Small Business Administration was victimized by fraudsters who made off with hundreds of billions of dollars of loans. They lied on applications, set up sham businesses and took advantage of […]
January 25, 2021
After a long wait and months of debate, the Paycheck Protection Program (PPP) is setting forth on its second round. Congress has allotted $284.5 billion for PPP loans, with $137...
August 26, 2020
The United States is home to more than 30 million microbusinesses, and these firms play a critical role in shaping the nation’s economy. These businesses have been hit especially hard by...
August 03, 2020
For a significant number of small- to medium-sized businesses (SMBs), navigating through the economic headwinds wrought by the pandemic, in plastic they trust. And by plastic, we mean credit cards....
January 07, 2026
KeyBank will reportedly pay $7.77 million to settle allegations that it sought forgiveness for fraudulent loans from the pandemic-era Paycheck Protection Program (PPP). The settlement involved nearly $6 million of Small Business Administration loans that a branch manager employed by the bank allegedly secured by encouraging business owners to submit loan applications in which they […]
March 02, 2023
The Biden administration wants congressional approval for a $1.6 billion plan tackling COVID-related fraud. The proposal, announced Thursday (March 2), would prosecute people who committed fraud related to the government’s...
December 01, 2022
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were...
August 21, 2022
While Cross River Bank had been doing massive amounts of work helping small businesses get Paycheck Protection Program (PPP) loans at the beginning of the pandemic, there are concerns about...
