The Covid pandemic between 2020-2022 was not just a health hazard but also jolted the economies of the world. The most affected is the USA, with several instant moves like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) aimed at keeping the people calm and contented.
To prevent mass suicides due to loss of livelihood, mental depression, and various other disasters in the lives of the people, the US Government came up with a plan to pay salaries to all companies in the nation based on the declaration of the owners about their employees.
While many declarations were genuine, some quickly enrolled double the employees with wild dreams of expanding their business, shifting the risk of financial burden onto the government's shoulders.
Now, we are witnessing massive layoffs in several companies, where a significant part can be attributed to this scenario, as the companies can no longer bear the extra employees without government support as in the Covid days.
Apart from this, there are a whopping 11.5 million small business owners, on whom the federal government is gearing up to investigate by exposing their frauds during the Covid time and putting them behind bars for decades. For this purpose, the government hired around 30,000 IRS agents.
The allegations and observations are that many such business owners siphoned taxpayers' money by projecting the wrong number of employees, thereby purchasing luxury cars and posh homes with that money.
The magnitude of the fraud may be around 70% of the actual relief fund of $1.2 trillion, which can be considered the most expensive betrayal. What is more alarming is that there are many role model TV stars and celebrities involved in this fraud who are now facing investigation.
As the US Presidential elections are nearing, Joe Biden's government is seriously focusing on protecting taxpayers' money, according to an insider.
In fact, the outbreak of this news could result in the quick escape of fraudsters to other nations if possible, leveraging their nationality and citizenship advantages. It remains to be seen how the government will curb this probability.
