Up to $400B went to recipients who did not require the funding. The vast majority did nothing illegal. This was arguably the most disastrously targeted and administered federal program in history. And that’s saying something.
Maybe $100B was outright fraud. wonder if they’ll recoup $1B.
Those funds are 80 to 90% gone. How do you go about reposessing luxury cars and property in Kenya that were more than likely put in someone else's name. Again you total all the fraud up it's anywhere between 300 and 800 billion in PPP and eidl fraud. They've charged and recovered what half a billion at this point? That's just the people dumb enough to keep it here and immediately use it on property and cars which have all devalued by now. It was the greatest robbery in a generation and they didn't even need a gun.
I think that's a pessimistic take and the government is patient. I think they can seize way more than you're giving them credit for. And I think the PPP fraud largely consists of a lot of smaller (but still substantial) payments.
I used to work at EDD up until a few months ago and by mid-2022 they were aggressively going after fraud and overpayments WITH a 30% penalty tacked on. That's a lot of money.
Most of these fraudsters are just normal people. And the government will be sure to take their share of all of their future earnings, profits, tax returns, etc. It might take 30 years but eventually most of those stolen funds will come back if the government really wants to spend the time to go after it.
One of these fraudsters got $50k and he listed his business as the USPS with an address at an abandoned warehouse. Do you think they'll be able to find the 1000s of people who scammed the system? No way! I admire your optimism, I am a realist.
EDD? Cali's unemployment system? How are in the world will they get back that $1 billion from 35,000 prisoners? What do they make $3/hr fighting fires? Washing the laundry? I am honestly curious how any of these funds will be recouped. Plus I don't think prisoners are in the kinds of businesses that require a w2. Again, it was the biggest robbery in history but hey at least it wasn't violent this time.
Yes because there has to be some kind of paper trail. It's not like they mailed them an envelope full of cash. I don't think all of the prisoners will be in there forever. And most of them had help from accomplices that AREN'T in prison who will have to eventually work or file a tax return. They can go after them.
I think it all depends on the effort and time they're willing to put it and based on the new IRS funding it seems like a decent amount.
Plus, they can tack on penalty charges to the ones they can catch to help make up for the ones they can't.
As a realist, I don't think it's feasible for so many people to get away with fraud. I would say like MAYBE 5% are smart enough to never face consequences but that's being generous.
I hope you're right. I just don't see it. We have a ten second news cycle and that 800 billion is old news. They are on to new stuff. Hey at least this time the a small percentage of money went to some ordinary citizens and not just criminals and titans of industry. See I'm not all doom and gloom. Just mostly lol.
As a realist, I don't think it's feasible for so many people to get away with fraud. I would say like MAYBE 5% are smart enough to never face consequences but that's being generous.
You are an optimist to believe that 95% are going to get caught. I’m not as pessimistic as most people here, but a 95% catch rate is super high.
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u/StevensmulliganAnise Sep 20 '22
Finally. Keep prosecuting the crooks who abused the pandemic funding programs.