WASHINGTON — (WASHINGTON) -- The watchdog report released Tuesday that revealed how some $200 billion in COVID-19 aid was potentially misspent threw into sharper relief how one pandemic-era program emerged above all others as a magnet for fraudsters: the Economic Injury Disaster Loan program, or EIDL.
Launched in March 2020, at the outset of the pandemic, EIDL was designed to distribute fast loans to help small businesses retain employees and stay on top of bills as the economy sputtered. By all accounts, it worked, rescuing jobs and businesses across the country.
“It is a shockingly high level of potential fraud and one that should have been reduced greatly,” said Sean Moulton, a senior policy analyst at the Project on Government Oversight, a nonpartisan government watchdog group. "The allure of 'easy money' in this pay-and-chase environment attracted an overwhelming number of fraudsters to the programs," according to the inspector general's new report.Many fraudsters took advantage of EIDL advances, which allowed applicants to apply for $1,000 per employee -- up to $10,000 total -- in grants that would not need to be repaid.
Another duo pleaded guilty to"perpetrating a vast nationwide scheme to help others submit fraudulent COVID-19 EIDL and PPP loan applications" for a fee, the report said.
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