the Paycheque Safety Program (PPP) has distributed lots of of billions of {dollars} in COVID-19 pandemic help to companies in Florida and throughout the nation. However a authorities watchdog found that greater than $ 70 billion could have been misplaced resulting from fraudulent claims.

Kraig Key found {that a} thief had used his id to use for one of many loans. Key says all of his private data, together with his Social Safety quantity, was liquidated on a PPP mortgage software filed with the Small enterprise administration final fall.

Key, who has labored as an engineer on the similar firm for the previous 20 years, says he has by no means utilized for a small enterprise mortgage within the occasion of a pandemic. However in 2020, he began receiving statements exhibiting he owed the SBA $ 7,000.

“It is a bit surprising to see it really printed,” Key stated.

The SBA’s personal monitoring report, launched final October, says the company could have paid greater than $ 70 billion in fraudulent and ineligible pandemic reduction loans.

“To hurry up the method, the SBA has ‘lowered the guardrails’ or relaxed inner controls, which has considerably elevated the danger of program fraud,” the report stated.

Congressman Gus Bilirakis says a congressional oversight committee is working to ensure the SBA implements anti-fraud checks.

“There isn’t a doubt that there’s a want for multi-level verification,” he stated.

The SBA responded to ABC Motion Information in an e-mail. In a press release, the company wrote: “The brand new and improved controls put in place by the Biden-Harris administration have stepped up the system validations used to mitigate circumstances of fraud …”

Keys and his spouse Mara say they referred to as the SBA for months, filed a fraud report and contacted lawmakers for assist.

“Nobody helped us; nobody informed us the place to go! Stated Mara.

After ABC Motion Information contacted the SBA on behalf of Kraig Keys, the company reached out to inform them the difficulty can be resolved, Keys stated.

If you happen to or somebody you already know suspects P3 or catastrophe reduction mortgage fraud, contact the OIG hotline at 800-767-0385 or on-line at https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.



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