Investigations
Washington Let Lenders Approve $793 Billion in Pandemic Payroll Loans on the Borrower's Word. A Houston Man Reported 50 Employees and $375,000 in Monthly Payroll for a Company With No Staff, and Bought a Lamborghini.
The Paycheck Protection Program opened in April 2020, weeks after the CARES Act created it. Its purpose was to keep small businesses paying their employees through the first lockdowns, and its governing principle was speed. The loans were fully guaranteed by the Small Business Administration, made through private lenders, and