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Clyburn to Chambers re Fintech PPP Fraud — Select Subcommittee on the Coronavirus Crisis (December 1, 2022)

Summary

A letter dated December 1, 2022 addressed to Mr. Kevin Chambers, Director for COVID-19 Fraud Enforcement, Department of Justice, with the signature block of James E. Clyburn, Chairman. The letter states that the Select Subcommittee on the Coronavirus Crisis has been investigating waste, fraud, and abuse in the Paycheck Protection Program (PPP), and that after more than 18 months the investigation has culminated in an enclosed staff report being released today. It states that the report highlights significant issues in the involvement of financial technology (fintech) companies in the facilitation of PPP loans, and that some fintech owners, tasked with identifying fraudulent PPP applications, may have committed fraud themselves. A copy is listed for the Honorable Steve Scalise, Ranking Member.

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Date
2022-12-01

Cite this document

“Clyburn to Chambers re Fintech PPP Fraud — Select Subcommittee on the Coronavirus Crisis (December 1, 2022).” Dated 2022-12-01. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-12-01-clyburn-to-chambers-re-fintech-ppp-fraud-1f83b3c0f32a-2b77d6adaa/, SHA-256 1f83b3c0f32a492e0edf26550ffcdfb9dd0f5a97d5bfa8efa140b3492dfd0fc8.

Full text

                                              December 1, 2022

Mr. Kevin Chambers
Director for COVID-19 Fraud Enforcement
Department of Justice
950 Pennsylvania Avenue, N.W.
Washington, D.C. 20530

Dear Mr. Chambers:

        The Select Subcommittee on the Coronavirus Crisis has been investigating waste, fraud,
and abuse in the Paycheck Protection Program (PPP).1 After more than 18 months, the Select
Subcommittee’s investigation has culminated in the enclosed staff report being released today,
which highlights significant issues in the involvement of financial technology (fintech)
companies in the facilitation of PPP loans, and documents conduct by certain individuals
connected to the fintechs which may warrant the attention of the Department of Justice. In
particular, the Select Subcommittee found that some fintech owners, tasked with identifying
fraudulent PPP applications, may have committed fraud themselves.

      If you have any questions regarding this report and its contents, please contact Select
Subcommittee staff at (202) 225-4400. Thank you for your attention to this matter.

                                                     Sincerely,



                                                     __________________________
                                                     James E. Clyburn
                                                     Chairman

Enclosure

cc:     The Honorable Steve Scalise, Ranking Member



        1
           Select Subcommittee on the Coronavirus Crisis, Press Release: Select Subcommittee Launches
Investigation into Role of FinTech Industry in PPP Fraud (May 28, 2021) (online at
https://coronavirus.house.gov/news/press-releases/select-subcommittee-launches-investigation-role-fintech-industry-
ppp-fraud).

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