Fox News: SBA Inspector General Estimates over $200 Billion of Covid Relief Fraud

EXCERPT:

PERINO: "Covid relief was supposed to help struggling small businesses who really needed it during the pandemic, remember that? But a federal watchdog finds that more than $200 billion of that money may have been lost to fraud and abuse. Let's bring in our Fox Business panel, Dagen McDowell, co-host of 'The Bottom Line' and Brian Brenberg, co-host of 'The Big Money Show.' Great to have you both."
Hey, good to see you.
PERINO: "I have -- I do have a question Dagen. How is this report different from the other ones? Because I feel like are we getting the same report over and over, or is this $2 billion in addition to the monies that were already considered lost?"
MCDOWELL: "It's an update, it's a new update of how much money was stolen, and this does not include the unemployment insurance fraud that went on. I just want to point out that $200 billion would fund NASA for more than eight years --"
PERINO: "Wow!"
MCDOWELL: "-- that's the -- the scope of this. The thieves and the crooks made off with the most money from the Small Business Administration Economic Injury Disaster Loan program, the EIDL program. More than 1/3 of the $400 billion in those funds was stolen, a third. Now that one of the SBA executives disputes this -- this figure. But just remember this, when Joe Biden gets up today and talks about investing -- no, you're not investing, you're spending money.”