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Over a dozen,100000 Connecticut PPP loans were flagged to possess concerns

Over a dozen,100000 Connecticut PPP loans were flagged to possess concerns

During the a new study from Income Defense Program financing, researchers estimate that ranging from ten percent and you will fifteen per cent away from financing recognized when you look at the Connecticut went to consumers that come double dipping otherwise taking too much money from the relief program – in some cases unintentionally, but anybody else having fraudulent aims.

Congress provided PPP among numerous relief bundles on Coronavirus Aid, Recovery and you will Financial Security Work in order to continue people away from unemployment gurus, which have financing become forgiven having businesses that didn’t put off professionals when you look at the COVID-19 pandemic.

The newest percentage of problem finance got its start getting Connecticut users was basically lower than most other says, experts during the University out-of Texas in the Austin computed. Across the country, the study flags step one.dos billion loans which have significant matter marks predicated on several standards, having many even more open to issues centered on any one element they examined.

UT boffins lay the new fault mainly towards the rodent-a-tat approval out of financing from the “FinTech” loan providers which have proliferated for the past decade, offering on the internet fund networks as an option to important financial institutions and you may credit unions.

Round the about three installments of your program in the Connecticut, over 119,three hundred loans got accepted to possess $9.9 mil during the PPP funding, permitting help over a million operate.