Fraudulent looting of coronavirus relief programs may amount to the most expensive waste of taxpayer money in American history.
As much as $600 billion in federal funds intended for coronavirus relief have been siphoned away through various forms of fraud, according to one estimate.
In comparison, Congress authorized $5 trillion in total federal relief spending, according to the New York Post.
The overwhelming majority of Paycheck Protection Program loans will never be repaid to the government.
As of August, 10.2 million PPP loans have been partially or fully forgiven — more than 88 percent of the 11.5 million loans that were issued. The program was authorized with the goal of keeping small businesses and their employees afloat amid the pandemic’s effect on the economy.