Fraudulently Received PPP Loans Used To Buy Lamborghinis, Vacation Homes, and Luxury Jewelry
It’s been reported that $200 billion in PPP loans was fraudulent and stolen from the government.
According to the Small Business Administration’s Office of Inspector General, 17% of the estimated $1.2 trillion that was granted through Congress during the pandemic to aid small businesses was stolen.
Officials now claim the PPP loans were too easy for individuals to obtain, making it available to everyone with no immediate proof of documentation.
Reports show that over 10,000 people used the government assistance to purchase luxury items like Lamborghinis, private jet trips, vacation homes, and Cartier jewelry.
Over 90,000 individuals are at risk to face federal charges and over a dozen have already been prosecuted, including former New York Jets wide receiver Josh Bellamy.
