New estimate finds $420 billion in fraud and waste in COVID-19 spending – By Gabrielle M. Etzel (Washington Examiner) / June 12, 2023
An estimated $420 billion in COVID-19-related spending may have been wasted through fraud and corruption, according to a new report.
The Justice Department’s acting director for COVID-19 Fraud Enforcement, Mike Galdo, told the Associated Press that the staggering figures represented “an unprecedented amount of fraud.”
Independent analysis conducted by the AP reveals that over $280 billion of COVID-19 relief was stolen through common identity theft scams and fraudulent loan applications, and another $123 billion was wasted through mismanagement and misappropriation.
Over $5.2 trillion was allocated for COVID-19-related relief under both the Trump and Biden administrations, according to the Pandemic Response Accountability Committee. Approximately $1.15 trillion of this relief was paid directly to individual recipients either through stimulus checks or through benefits programs such as rental assistance or the Supplemental Nutrition Assistance Program.
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