“Using a conservative approach, we estimate that more than 6% of the $590 million in PPP funds received by companies in the investment management industry consisted of statutory overallocations to firms abusing the program,” according to authors William Beggs of the University of the San Diego School of Business and Thuong Harvison of the University of Arizona’s Eller College of Management.
A report presented to Congress in October estimated that businesses had committed more than $84 billion in PPP loan fraud.