Over 200 bln USD in U.S. pandemic relief potentially squandered: SBA

NEW YORK, June 27 (Xinhua) -- The U.S. federal government squandered more than 200 billion U.S. dollars in potential fraud in its aggressive rush to prop up small businesses as the COVID-19 pandemic threatened to shatter the country's economy, according to a report published Tuesday by the inspector general of the Small Business Administration (SBA).

"The hefty sum, which amounts to approximately 17 percent of the 1.2 trillion dollars dispersed by SBA, updates previous estimates from the inspector general, Hannibal 'Mike' Ware, as investigators from several federal agencies continue to trace and recover millions of dollars lost to fraud, waste and other abuses that occurred during the pandemic," said Eyewitness News.