Reports search: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans

Summary

A Reports search page from Pandemic Oversight listing reports and investigative results from several oversight offices. It opens with the Pandemic Response Accountability Committee's FRAUD ALERT dated 1/30/2023, which states that PRAC data scientists identified $5.4 Billion in potential identity fraud associated with over 69,000 questionable Social Security Numbers used on COVID-19 EIDL and PPP loan applications, and a follow-up dated 5/11/2023 on death records and the Do Not Pay System. Small Business Administration OIG entries include the COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape (6/27/2023), which states that SBA disbursed approximately $1.2 trillion of EIDL and PPP funds, and a management advisory on SBA's use of hold codes for lender-referred PPP loans.

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Pandemic Response Accountability Committee

FRAUD ALERT: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans Obtained Using Over 69,000 Questionable Social Security Numbers

The PRAC’s Pandemic Analytics Center of Excellence (PACE) data scientists identified $5.4 Billion in potential identity fraud associated with over 69,000 questionable Social Security Numbers (SSNs) used on applications across disbursed loans in the Small Business Administration’s COVID-19 Economic Injury Disaster Loan Program and Paycheck Protection Program. Through collaborative verification methods with the Social Security Administration, we identified that these SSNs were used in connection with over 99,000 applications and warrant further scrutiny. The results of this Fraud Alert...

Full Details: Oversight.gov Report Page for FRAUD ALERT: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans Obtained Using Over 69,000 Questionable Social Security Numbers

Other | 1/30/2023

Pandemic Response Accountability Committee

FRAUD ALERT FOLLOW-UP: Improved Sharing of Death Records and Use of the Do Not Pay System Would Strengthen Program Integrity and Better Protect the Public

This update expands on our January 2023 Fraud Alert that identified 69,000 questionable Social Security Numbers (SSNs) used to obtain $5.4 billion in potentially fraudulent loans made in the COVID-19 Economic Injury Disaster Loan (EIDL) program and Paycheck Protection Program (PPP). As detailed in that Fraud Alert, PRAC data scientists, using our Pandemic Analytics Center of Excellence, identified the questionable SSNs after determining that the names, SSNs, and/or dates of birth used in connection with COVID-19 EIDL/PPP applications did not match Social Security Administration’s (SSAs)...

Full Details: Oversight.gov Report Page for FRAUD ALERT FOLLOW-UP: Improved Sharing of Death Records and Use of the Do Not Pay System Would Strengthen Program Integrity and Better Protect the Public

Other | 5/11/2023

Small Business Administration OIG

SBA’s Use of Hold Codes for Potentially Fraudulent PPP Loans Referred by Lenders

The Office of Inspector General (OIG) is issuing this management advisory to bring attention to concerns regarding SBA’s use of hold codes for potentially fraudulent Paycheck Protection Program (PPP) loans referred by lenders. Opportunities exist for SBA to enhance its handling of lender-referred PPP loans suspected of fraud or illegal activity and its process for capturing these loans to ensure they are promptly flagged to mitigate fraud risk and financial loss. SBA’s Office of Credit Risk Management (OCRM) established a project for lenders to refer PPP loans suspected of fraud or illegal...

Full Details: Oversight.gov Report Page for SBA’s Use of Hold Codes for Potentially Fraudulent PPP Loans Referred by Lenders

Other | 1/16/2025

Small Business Administration OIG

COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape

The U.S. Small Business Administration (SBA) Office of Inspector General (OIG) conducted this review to provide a comprehensive estimate of the potential fraud in the U.S. Small Business Administration’s (SBA) pandemic assistance loan programs. Over the course of the Coronavirus Disease 2019 (COVID-19) pandemic, SBA disbursed approximately $1.2 trillion of COVID-19 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funds.In the rush to swiftly disburse COVID-19 EIDL and PPP funds, SBA calibrated its internal controls. The agency weakened or removed the controls...

Full Details: Oversight.gov Report Page for COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape

Disaster Recovery Report | 6/27/2023

Small Business Administration OIG

SBA’s Guaranty Purchases for Paycheck Protection Program Loans

The Office of Inspector General (OIG) is issuing this Inspection report to assess the Small Business Administration’s (SBA) guaranty purchase process for Paycheck Protection Program (PPP) loans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the PPP to provide guaranteed SBA loans for eligible businesses, individuals, and nonprofits adversely impacted by the Coronavirus Disease 2019 pandemic. We assessed whether SBA reported and referred charged-off PPP loans to commercial credit reporting agencies and the U.S. Department of Treasury in accordance with applicable...

Full Details: Oversight.gov Report Page for SBA’s Guaranty Purchases for Paycheck Protection Program Loans

Inspection / Evaluation | 7/09/2024

Small Business Administration OIG

Evaluation of COVID-19 Economic Injury Disaster Loan Applicants on the U.S. Department of the Treasury’s Do Not Pay List

The OIG is issuing this evaluation to assess whether the U.S. Small Business Administration (SBA) effectively implemented internal controls when using the U.S. Department of the Treasury’s Do Not Pay (DNP) databases to detect and prevent payments of Coronavirus Disease 2019 (COVID-19) Economic Injury Disaster Loans (EIDL) and grants to ineligible entities.Despite implementing controls requiring loan officers to check DNP databases prior to approval of COVID-19 EIDLs and provide applicants 30 days to rectify any negative information received from DNP, the agency continued to award and disburse...

Full Details: Oversight.gov Report Page for Evaluation of COVID-19 Economic Injury Disaster Loan Applicants on the U.S. Department of the Treasury’s Do Not Pay List

Inspection / Evaluation | 6/04/2024

Treasury Inspector General for Tax Administration

American Rescue Plan Act: Review of the Reconciliation of the Child Tax Credit

Full Details: Oversight.gov Report Page for American Rescue Plan Act: Review of the Reconciliation of the Child Tax Credit

Audit | 6/14/2023

Small Business Administration OIG

COVID-19: Data Sharing Project Finds Billions Paid to Same Likely Fraudsters Under Both the Unemployment Insurance and Economic Injury Disaster Loan Programs

The Office of Inspector General (OIG) is issuing this inspection report to determine whether data sharing between the Employment and Training Administration and the U.S. Small Business Administration (SBA) could mitigate the risk of fraudulent unemployment insurance benefit payments and SBA disaster program disbursements. In 2020, soon after Congress expanded the Unemployment Insurance and Economic Injury Disaster Loan Programs in response to the adverse economic effects caused by the Coronavirus Disease 2019 pandemic, the U.S. Department of Labor OIG and SBA OIG respectively began reporting...

Full Details: Oversight.gov Report Page for COVID-19: Data Sharing Project Finds Billions Paid to Same Likely Fraudsters Under Both the Unemployment Insurance and Economic Injury Disaster Loan Programs

Inspection / Evaluation | 12/05/2024

Department of Labor OIG

COVID-19: Data Sharing Project Finds Billions Paid to Same Likely Fraudsters under Both the Unemployment Insurance and Economic Injury Disaster Loan Programs

Full Details: Oversight.gov Report Page for COVID-19: Data Sharing Project Finds Billions Paid to Same Likely Fraudsters under Both the Unemployment Insurance and Economic Injury Disaster Loan Programs

Audit | 12/05/2024

Department of War OIG

Audit of the Impact of Coronavirus Disease–2019 on Basic Training

Full Details: Oversight.gov Report Page for Audit of the Impact of Coronavirus Disease–2019 on Basic Training

Audit | 3/31/2021

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