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An estimated $163 billion from pandemic unemployment benefits were misspent or stolen - report

An estimated $163 billion from pandemic unemployment benefits were misspent or stolen - report | 15 May 2022 | A sprawling community of victims have been caught up in a massive series of attacks targeting the nation's generous coronavirus aid programs. The more than $5 trillion approved since the start of the pandemic has become a wellspring for criminal activity, allowing fraudsters to siphon money away from hard-hit American workers and businesses who needed the help most. The exact scope of the fraud targeting federal aid initiatives is unknown, even two years later. With unemployment benefits, however, the theft could be significant. Testifying at a little-noticed congressional hearing this spring, a top watchdog for the Labor Department estimated there could have been "at least" $163 billion in unemployment-related "overpayments," a projection that includes wrongly paid sums as well as "significant" benefits obtained by malicious actors.