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Two Men Charged After Fraudulently Applying for Paycheck Protection Program Loans
TULSA, Okla. – Two men were charged this week after fraudulently applying for Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, announced U.S. Attorney Trent Shores.
Hialeah Tax Preparer Charged with COVID-19 Loan Fraud
A South Florida tax preparer was charged Tuesday by criminal information with wire fraud in connection with a scheme to obtain over 100 COVID-19-relief loans under the Paycheck Protection Program (PPP).
Dayton ‘investigation & security’ business owner sentenced to prison for COVID-relief fraud
DAYTON – A Dayton woman was sentenced in federal court today to prison for fraudulently obtaining more than $2.5 million in pandemic relief loans.
Duplicate Loans Made Under the Paycheck Protection Program
SBA OIG reviewed PPP regulations and the Paycheck Protection Program and Health Care Enhancement Act, in addition to guidance published in SBA’s PPP Interim Final Rules and PPP Frequently Asked Questions.We determined SBA did not always have sufficient controls in place to detect and prevent duplicate PPP loans. As a result, lenders made more than one PPP loan disbursement to 4,260 borrowers with the same tax identification number and borrowers with the same business name and address. These disbursements totaled about $692 million for PPP loans approved from April 3 through August 9, 2020.We...