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How Bad Was Virus Aid Fraud? One Banker Was ‘Frustrated With Humanity’



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Some of the fraud won’t come to light until the middle or end of next year, when most borrowers will reach their deadline to seek forgiveness or start repaying the money. Many scammers will simply default; others may be caught when they file a forgiveness application that is reviewed by both the lender and the government.Mr. Mnuchin pledged to have the Small Business Administration audit all loans over $2 million. Late last month, the agency released a questionnaire asking recipients of loans of that size about their 2020 revenue and other questions that seemed aimed at figuring out whether the …

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