For all the details about Paycheck Protection Program (PPP) loan fraud, visit https://smallbiztrends.com/2020/08/ppp-fraud.html
The Paycheck Protection Program had a simple goal: provide forgivable loans to small businesses in exchange for keeping employees on the payroll during the COVID crisis. Those who followed all the program rules could later apply to have the PPP loan forgiven and not have to repay it.
However, a small number of bad apples tried to bilk taxpayers of over 341 million dollars in PPP funds. And you won’t believe what they spent the money on! Be prepared. Some of the stories are so brazen and the PPP fraud so blatant, it may shock you.
This investigative report by the editors of Small Business Trends Media outlines how the PPP loan program, which is part of the Cares Act passed by the U.S. Congress in 2020, did a lot of good. But it also attracted a small number of people now charged with PPP loan fraud, which consists of federal charges like money laundering, bank fraud, wire fraud, identity theft and other white collar crimes carrying up to 20 years in prison, fines and restitution.
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