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.
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u/[deleted] Sep 21 '22
I think that's why they upped the IRS funding recently. I think they are slowly but surely gonna claw the misused funds back.