In a recent report, the SBA Office of Inspector General predicts a staggering $200 B of fraud in the PPP and EIDL programs. And if you dig deeper, they believe there will be a 34% fraud rate on EIDL loans.
As I have repeatedly written, the EIDL loan story is just beginning, and now Congress is waking up and paying attention. If you have an EIDL loan, you must keep careful records of how you spent the money.
I will write more about this in my special 21 Hats column today.
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