The companies were initially tasked with helping PPP loan applicants file paperwork with financial institutions and process requests for emergency cash. But the firms are alleged to have taken advantage of the lack of governmental oversight to squeeze more money out of the $800 billion Paycheck Protection Program (PPP). The federal government dispersed $800 billion in PPP loans to help businesses stay afloat at the start of the pandemic. Womply earned some $2 billion in fees during the course of PPP. Some firms allegedly took advantage of lack of oversight and bilked the feds out of massive sums of money, according to investigators.

Source: Washington Post December 02, 2022 17:05 UTC