On 1 December, the US House of Representatives Select Subcommittee on the Coronavirus Crisis released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the largest pandemic relief program, the Paycheck Protection Program (PPP). The report details how the investigated companies, despite being tasked with processing PPP applications while screening out those with signs of fraud, abdicated that responsibility — in many cases recklessly — resulting in the approval of large numbers of fraudulent applications.
https://coronavirus.house.gov/news/press-releases/clyburn-fintech-fraud-ppp-doj-sba
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