The US likely gave $5.4 billion in potentially fraudulent COVID-19 loans and aid

The US likely gave $5.4 billion in potentially fraudulent COVID-19 loans and aid, per Reuters.

The watchdog, the Pandemic Response Accountability Committee (PRAC), said it "identified 69,323 questionable Social Security Numbers used to obtain $5.4 billion from the Small Business Administration's COVID-19 Economic Injury Disaster Loan program and Paycheck Protection Program."

57,500 Paycheck Protection Program forgivable loans worth $3.6 billion were given by August 2020.

In May 2021, Attorney General Merrick Garland launched a COVID-19 Fraud Enforcement Task Force.

The report says "the significant fraud and identity theft that occurred under the prior administration due to the lack of basic anti-fraud controls, as well as how consequential were the Biden administration's quick actions to reinstate strong anti-abuse measures in these emergency small business programs," per the White House.