Last year govt confirmed SBA scammers and fraud business owners received $70 billion in PPP and Covid loans.
House Small Business Committee started to proceed with the PPP and EIDL Loan Fraud Bills.
The total cost of fraud in the PPP and EIDL schemes is $80 billion.
The bills would set a ten-year statute of limitations for fraud charges.
A Texas actor who played the red Power Ranger has been charged with fraud.
More than $18 million in Covid relief money were obtained by 8 people in California.
Three members of the crime ring were convicted in June 2021, fled, and were apprehended in late February 2022 in Europe.
Authorities said Richard Ayvazyan, 43, was the group leader and was sentenced to 17 years in prison.
As loan forgiven condition said applicants to return the workforce to its full number, fraudulent applicants usually overstate the number of employees.
More than $800 billion has been spent on the PPL, covering more than 21 million loans.
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