According to a new analysis, over $400 billion in COVID aid was either lost or wasted.
$280 billion was lost to fraud while $123 billion was wasted or misspent.
More than $400 billion of COVID aid was lost to fraud or wasted spending under Donald Trump and Joe Biden, a new bombshell report claimed on Monday.
An analysis by the Associated Press said fraudsters and criminals plundered billions of taxpayer cash set aside to fend off economic collapse during the pandemic.
It estimated that $280 billion in COVID relief funding was lost to fraud, while another $123 billion was wasted or misspent.
Both sums are equivalent to 10 percent of the $4.2 trillion that the U.S. government has splashed out so far on coronavirus aid.
Over 2,230 defendants have been charged with pandemic-related fraud crimes.
The U.S. government has charged more than 2,230 defendants with pandemic-related fraud crimes and is conducting thousands of investigations.
Most of the looted money was swiped from three large pandemic-relief initiatives launched during the Trump administration and inherited by President Joe Biden. Those programs were designed to help small businesses and unemployed workers survive the economic upheaval caused by the pandemic.
The pilfering was wide but not always as deep as the eye-catching headlines about cases involving many millions of dollars. But all of the theft, big and small, illustrates an epidemic of scams and swindles at a time America was grappling with overrun hospitals, school closures and shuttered businesses. Since the pandemic began in early 2020, more than 1.13 million people in the U.S. have died from COVID-19, according to the Centers for Disease Control and Prevention.