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Paycheck Protection Program application with a stack of cash. Source: Shutterstock.

The Paycheck Protection Program that provided small businesses with loans to stay in business through the coronavirus crisis has been plagued by waste and fraud, and lenders are — in part — to blame for the problems, the Democratic staff of the House Democratic Coronavirus Crisis Subcommittee charged Tuesday.

“The lenders are the first line of defense against waste and fraud,” the subcommittee staff said in the report. “Lenders were given a standard PPP application form that they could then adapt to their own processes and systems.”

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