Fraudulent claims being made to the small business bailout fund..
Likely to be 10's of BILLIONS by the time its all doled out. I'm starting to think that a $5k check to all adults would have been a better approach than the top down method. This is not a complete partisan jab as Democrats signed the bill too.
Lessons being learned:
1) Businesses who need the money the least were the first in line. Businesses who need money the most are still fighting through red tape. You can point the finger at banks for this one.
2) Many companies are overstating their employee counts and other stats so as to get more money
3) We dont have enough personnel to effectively audit the number of claims coming in. Thats partly because Federal staff has been reduced in recent years for ideological reasons...but mainly because its just a shitload of claims.
4) There are lots of provisions in the bailout that have nothing to do with bailing people out. (EX) There is a provision in the bailout that gives real estate developers a massive tax rebate not just for this year but also for 2018/19. Something some politicians wanted in the original tax cut bill but left out because of its deficit scoring. (This is a partisan jab) By the way - do you know any real estate developers in our federal government that might benefit from this?
5) The person in charge of oversite of this program was fired by the president because he has a history of enforcing oversite. And the president has made clear he will not be coordinating with COngress on oversite of the bailout spending either. So, ah, we're counting on the guy who uses offshore accounts and shell companies to do his own business to oversee the bailout spending (This is a partisan jab)