Fraud Alert: We've identified $5.4 billion in potentially fraudulent pandemic loans using SSN data

Council of the Inspectors General on Integrity and Efficiency sent this bulletin at 01/30/2023 03:47 PM EST

We've identified $5.4 billion in potentially fraudulent pandemic loans.

We took a closer look at questionable Social Security Numbers used in applications for pandemic loans. Here's what we found.

We found over 69,000 questionable Social Security Numbers in applications for the SBA's Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) programs, totaling $5.4 billion in potentially fraudulent pandemic loans and grants.

Our Pandemic Analytics Center of Excellence analyzed information from 33 million EIDL and PPP applications to identify questionable SSNs that may have been invalid or not assigned, and then worked with the Social Security Administration to verify the numbers.

Read the overview of how we found the potential identity fraud, along with our recommendations for next steps, here on our website.

Here's a visual breakdown of the numbers:

Read the full alert

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The Pandemic Response Accountability Committee (PRAC) is a committee of the
Council of the Inspectors General on Integrity and Efficiency (CIGIE).

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