TEXAS

Study: 15% Of PPP Loans Fraudulent

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A new study concludes the federal loan program created to keep small businesses afloat during the pandemic may have loaned millions to companies that don’t exist.

Researchers at the University of Texas-Austin found 15-percent of Paycheck Protection Program loans had at least one indication of fraud. They estimate that one-point-eight million of the nearly 12-million PPP loans might have been fraudulent. Many went to financial technology firms that focus on digital lending.

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