The Department of Justice’s Criminal Division has charged 57 defendants who allegedly committed fraud to obtain money from the Paycheck Protection Program.
Acting Assistant Attorney General Brian Rabbitt announced the actions Thursday at a news conference in Washington.
Rabbitt stated that the defendants have attempted to steal over $175 million from the PPP, causing actual losses to the federal government of over $70 million.
When the PPP closed to new applications on Aug. 8, more than 5.2 million loans had been approved, for a total in excess of $525 billion, Rabbitt reported.
The DOJ, working alongside other agencies, has been able to recover or freeze over $30 million, he said. “We expect to add to that total in the future as we seize additional funds and liquidate assets purchased with PPP funds.”
The cases, he said, “are diverse in size and scope, involving fraud ranging from loan requests for just $30,000 to approximately $24 million.”