PPP Loan Scams: 900 open criminal investigations, 100 arrested so far.Cape Coral woman pleads guilty to PPP loan fraud, accused of using money for a pool.What are the Charges for PPP Loan Fraud?.Helena man sentenced for PPP loan fraud.Man Passes Out After He’s Found Guilty of PPP Loan Fraud.15% of Paycheck Protection Program Loans Could Be Fraudulent, Study Shows.Small Businesses Are Being Hit by PPP Loan Scams.22 people charged in connection with a multi-million dollar Paycheck Protection Program fraud scheme.The looting of the Covid relief plan known as PPP.Is PPP Loan Fraud The Largest Fraud Of All Time?.Up to three-quarters of the $800 billion in disbursed PPP funds flowed to business owners instead of workers, study finds.Even a single PPP loan fraud case might involve multiple criminal laws. When a person is charged with PPP loan scam charges, they can face multiple civil and criminal penalties. Penalties For Abusing Or Wasting The PPP Funds: This has led to worry of widespread fraud (and a few highly-publicized cases of fraudulent PPP loan applications), and it has forced numerous federal agencies to turn their attention to combatting PPP loan fraud. The low-cost (and potentially free) funds offered under the PPP have proven to be attractive not only to struggling businesses, but also to larger companies and scam artists. Loans issued under the PPP carry a 1% interest rate, but the loans are completely forgivable if certain conditions are met. Launched in March 2020 in response to the economic uncertainty that was triggered by the novel coronavirus (COVID-19) pandemic, the PPP made hundreds of millions of dollars in federal funding available to businesses struggling as a result of the pandemic.
Employee allowances (sick leaves, medical, parental, and vacation pay)įederal authorities are aggressively targeting individuals and companies for PPP loan fraud.Salaries, bonuses, commissions, wages (maximum $100,000 per annum per employee).Businesses who took out these loans could spend the borrowed sum on: The primary goal of PPP loans was to help businesses survive the pandemic and ensure that people don’t lose their employment. has done something nefarious, then report them here using the review box at the bottom of the page. Often, however, whistleblowers & employees reveal that their employers have abused their funds. These amounts were reported to the SBA by the company. claims to not have misused the PPP Loan in any ways.