In the $793 billion Paycheck Protection Program, we examine metrics related to potential misreporting including nonregistered businesses, multiple businesses at residential addresses, abnormally high implied compensation per employee, and large inconsistencies with jobs reported in another government program. These measures consistently concentrate in certain FinTech lenders and are cross-verified by seven additional measures. FinTech market share increased significantly over time, and suspicious lending by FinTechs in 2021 is four times the level at the start of the program. Suspicious loans are being overwhelmingly forgiven at rates similar to other loans.

中文翻译：

---

金融科技贷方是否助长了 PPP 欺诈？

在 7930 亿美元的薪资保护计划中，我们检查了与潜在误报相关的指标，包括未注册的企业、住宅地址的多家企业、每名员工异常高的隐含薪酬，以及与另一个政府计划中报告的工作的巨大不一致。这些措施始终集中在某些金融科技贷方，并通过七项额外措施进行交叉验证。随着时间的推移，金融科技市场份额显着增加，2021 年金融科技公司的可疑贷款是计划开始时水平的四倍。可疑贷款以与其他贷款相似的利率被绝大多数免除。