By Susan Cornwell
WASHINGTON (Reuters) – Tens of thousands of loans worth billions of dollars may have been subject to fraud, waste and abuse in the $659 billion taxpayer-funded Paycheck Protection Program (PPP) aimed at helping small U.S. businesses survive the coronavirus pandemic, a congressional panel said on Tuesday.
Over $1 billion went to companies that received multiple loans, in violation of the program’s rules, the House of Representatives’ Select Subcommittee on the Coronavirus Crisis said.
(Reporting by Susan Cornwell; Additional reporting by David Morgan; Editing by Andy Sullivan and Chizu Nomiyama)
