Liz Hoffman
speaker
299 appearances
5 recordings
1 series
first heard Aug 2017
last heard Aug 2020
Liz Hoffman’s voice in public audio — every appearance, attributed to the second.
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Appearances
We've talked to people who've been contacted by law enforcement.
We talked to a guy who went into the bank branch to clear up what he thought was a small paperwork issue and ended up being interrogated by three Secret Service agents.
Estimates vary.
It could be high single digit percentages of the money that was lent out.
But in the effort to find those fraudsters, very legitimate borrowers are getting swept up in the process.
And it's particularly problematic for sole proprietors, gig workers, freelancers who don't necessarily have the same business account set up that a big company would.
The first thing that happens is that their bank accounts get frozen.
And in particular, these are small businesses who, for the most part, run their company finances through their personal bank accounts, which is not illegal, but which the Small Business Administration has flagged as a potential sign of something fishy going on.
So the first thing that happens is that they can't access any of their money.
We've talked to people who've been contacted by law enforcement.
We talked to a guy who went into the bank branch to clear up what he thought was a small paperwork issue and ended up being interrogated by three Secret Service agents.
So, you know, it really runs the gamut, but the main thing is the personal inconvenience.
People have missed car payments, they've missed home payments, they've missed tax payments, they've bounced checks, all because someone thought they were a criminal when they were not.
There are a lot of law enforcement agencies who've been pulled into the stimulus enforcement efforts.
Secret Service historically was part of the Treasury Department, so they do have some oversight over, for example, the integrity of currency and that kind of thing.
But we've talked to people who were contacted by the Department of Health and Human Services, the Small Business Administration, the IRS has gotten involved.
The issue is that the Small Business Administration itself isn't a law enforcement agency.
They don't really have the resources to audit, you know, 5 million loans.
So they've pulled in other federal law enforcement agencies.
The thing to know about bank compliance systems is that they're a pretty blunt instrument.
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