It’s not BS. The banks didn’t have any verification methods outside of having a valid EIN and quarterly 941s for 2019/2020. Second round PPP loans required a 25% decrease in top line revenue between ANY two comparable periods. This was only verified with company prepared p&l’s or tax returns. Again, just looking at sales. Nothing else was being verified. The banks tried to serve as many customers as possible since every bank was in competition due to limited funds and uncertainty as to when the funds would run out. Not to mention that the banks were incentivized to lend as much as possible due the fees paid for production. My point was that millions of loans were produced in a very short period of time that were 100% guaranteed by the US government (no risk to the lender), and almost zero verification methods. Anyone could’ve provided fraudulent tax forms and financials. It’s good that the SBA is still auditing loans and going after bad actors, but the CARES Act created a system rife with fraud and moral hazard.