New York Times Reports that 0.01 Percent of the Paycheck Protection Program was Fraudulently Spent

Yep, that’s its big story for the day, although people probably saw the number $62 million in the headline. The program spent a total of $525 billion to keep small businesses alive and workers being paid in the period where the economy was largely shutdown. It was a rushed program that was completely improvised, since nothing had ever been done like this before.

It was inevitable that there would be some fraud, since the safeguards were obviously far from perfect. In fact, we can be sure that th...