The federal government is swamped with reports of potential fraud in the Paycheck Protection Program. About $525 billion in loans were distributed to 5.2 million companies between April and August, and many business owners say it was a lifeline. But the WSJ says evidence is growing that many others took advantage of the program’s lack of oversight. The Small Business Administration’s inspector general says tens of thousands of companies received PPP loans for which they appear to have been ineligible. And thousands of organizations also appear to have received more money than they should have.
Renewed lockdown measures in Europe may push down the outlook for global oil demand. But the International Energy Agency says a drop would likely be less severe than under lockdowns earlier in the year. For now, the IEA is keeping its 2020 and 2021 oil demand forecast steady, but it is set to publish its next analysis of the oil market on Thursday.
