SBA Lost $200B in Covid Pandemic Relief to Fraud and Abuse

This isn't something that anyone should be surprised about. They were basically handing out these "loans" like if they didn't they would get fired. The amount of people bragging about it at the time on social media was enough to know that the vast majority of these loans were going to be abused.

For the SBA loans, if the applicant didn't request over 25k and put up collateral, they will never see a single payment.

For the PPP loans, that money was gone with the intention of not getting it back.