A congressional report says financial technology companies fueled rampant PPP fraud
A sprawling congressional report accuses several little-known financial technology companies, or fintechs, of reaping "billions in fees from taxpayers while becoming easy targets for those who sought to defraud the PPP," or Paycheck Protection Program.
PPP provided more than 11 million potentially forgivable low-interest loans to small businesses to help them keep employees on the payroll as COVID-19 shutdowns decimated profits. Congress hastily rolled out the program in spring 2020, eventually racking up a price tag of nearly $800 billion.
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