PPP

Pierre Rogers spent COVID-era loans on a raft of luxury goods including a 2011 Rolls-Royce Ghost ($107,780) and a stay at a Ritz-Carlton.

Michael George McQuarn submitted 10 PPP loans under four different business names, including one titled "Cool Kids Entertainment Group, LLC."

In all, the inspector general has released more than a dozen findings of PPP loan fraud among county workers since last summer.

Conservatives ripped President Biden for equating his student loan handout with PPP loans in his attempt to paint certain GOP lawmakers as hypocrites.

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Prosperity Bank has agreed to pay $18,673.50 to resolve allegations it improperly processed a Paycheck Protection Program (PPP) loan on behalf of an ineligible customer, the U.S. Attorney’s Office announced Tuesday.

As Biden eases student loan debt for millions, a simple phrase is puncturing criticism from conservatives like Marjorie Taylor Greene

Four Cook County employees committed “financial fraud directed at the federal government” by wrongly collecting roughly $120,000 in payroll protection plan loans intended to help businesses survive the pandemic, according to a report from the county’s inspector general.

One resilient New Jersey baker who has so far managed to outrun the pandemic now worries she may have to close up shop.

Illinois state Sen. Darren Bailey, a Republican candidate for governor, who has repeatedly criticized government coronavirus relief efforts, has received hundreds of thousands of dollars in federal paycheck loans during the pandemic.

The report chided CPS for failing to verify that drivers and bus aides were paid.

Asian stock markets are mixed on 2022′s first trading day after Wall Street ended last year with a double-digit gain.

A Harris County man was arrested Tuesday, accused of fraudulently acquiring more than $3.3 million in funds through the government’s coronavirus pandemic Paycheck Protection Program.

The lone suspect, a 15-year-old sophomore at the school, was taken into custody without incident, officials said.

A Texas man was sentenced to nine years in prison for fraudulently obtaining PPP loans and using the money on a Lamborghini and a Rolex watch.

The Houston man accused of going on a shopping spree after receiving more than $1.6 million from the Small Business Association’s Paycheck Protection Program has been sentenced to 110 months in prison, the U.S. Justice Department announced Monday.

The defendants then shuffled a core group of patients between Compass Detox and WAR to fraudulently bill for as much as possible. Compass Detox patients were given a so-called “Comfort Drink” to sedate them, and to keep them coming back. “These health care fraudsters, driven by greed, sought to cheat their way to riches by billing tens of millions of dollars from various health care programs. Jonathan Markovich was convicted of eight counts of health care fraud and Daniel Markovich was convicted of two counts of health care fraud. They each face a maximum of 20 years for the health care fraud and wire fraud conspiracy count, 10 years for each substantive count of health care fraud and paying and receiving kickbacks, and five years for the kickbacks conspiracy.

The report found that Black-owned businesses had better luck with online lenders using automated systems.

Not everyone was convinced David Staveley was dead after he left suicide notes. People who knew him best told investigators they suspected it might be another scheme.

In the course of the scheme, Marnell obtained seven PPP loans totaling just under $9 million from financial institutions for corporations he controlled. To obtain the loans, Marnell submitted fraudulent loan applications that made numerous false and misleading statements about the companies’ business operations and payroll expenses. Once the loans were funded, Marnell transferred millions of dollars from the fraudulently obtained loan proceeds to his brokerage accounts to make risky stock market bets. Marnell also spent hundreds of thousands of dollars in fraudulently obtained loan proceeds at various gambling establishments. The Federal Housing Finance Agency’s Office of Inspector General, the FBI, the Federal Deposit Insurance Corporation’s Office of Inspector General, IRS-Criminal Investigation, the Treasury Inspector General for Tax Administration, and the Small Business Administration’s Office of Inspector General investigated this case.

Taxpayers deserve a thorough examination into potential fraud before the government closes the books.

A California man was arrested Thursday on criminal charges related to his alleged scheming to submit fraudulent loan applications seeking millions of dollars in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) COVID-19 relief funds. The indictment alleges that Tran sought in excess of $8 million in PPP and EIDL funds, obtained over $3.6 million in illicit loan proceeds, and ultimately netted approximately $2 million from the scheme. Tran is charged with six counts of wire fraud and three counts of bank fraud. Trial Attorney Christopher Jackson of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Sarah Griswold of the Northern District of California are prosecuting the case. An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

According to prosecutors, Thomas Smith, 47, involved seven other people, including his brother, in a scheme to get federal funding for phantom companies.

The Paycheck Protection Program was supposed to run through May 31. But by the first week of May, it ran out of money.

A Miami businessman was sentenced to more than six years in prison Wednesday after pleading guilty to fleecing millions from a federal COVID-19 relief program and buying luxury items with the money, including a $318,000 Lamborghini Huracán Evo.

Mustafa Qadiri of Irvine, Calif., faces multiple federal charges. The government has seized the Ferrari, Lamborghini and Bentley he is said to have purchased with PPP funds.

According to a federal indictment, Mustafa Qadiri, 38, fraudulently obtained millions of dollars to buy luxurious cars and take lavish vacations.

Multiple Houston residents have come forward with allegations about being duped at a...

NC lawmakers must pass a bill that will prevent the state from taxing small businesses that got PPP money. (Letters to the Editor)

A west suburban businessman is under federal investigation for allegedly obtaining more than $1 million in COVID-19 relief loans and using much of the money to buy luxury and sports vehicles, unsealed court documents show.

When American Express bought "substantially all" of Kabbage last year, the loan business it left behind was drained of the resources needed for the PPP program.

Coppell native Dinesh Sah, 55, pleaded guilty to orchestrating a $24.8 million PPP scam that used small business loans to purchase opulent homes and expensive cars, according to the Department of Justice. In order to get control of millions in PPP loans, Sah submitted 15 fraudulent applications filed under different names of businesses he owned or controlled, according to the Justice Department. Through eight separate lenders, Sah managed to obtain $24.8 million in PPP loans by misrepresenting the number of employees on his payroll and amount of expenses therein. Investigators eventually discovered the incongruities on Sah's applications, the Justice Department stated. As a part of his guilty plea, Sah agreed to forfeit eight homes, several luxury cars and more than $7.2 million in fraudulent proceeds.

Coppell native Dinesh Sah, 55, pleaded guilty to orchestrating a $24.8 million PPP scam that used small business loans to purchase opulent homes and expensive cars, according to the Department of Justice. Through eight separate lenders, Sah managed to obtain $24.8 million in PPP loans by misrepresenting the number of employees on his payroll and amount of expenses therein. Investigators eventually discovered the incongruities on Sah's applications, the Justice Department stated. As a part of his guilty plea, Sah agreed to forfeit eight homes, several luxury cars and more than $7.2 million in fraudulent proceeds. Sah ultimately pleaded guilty to one count of wire fraud and one count of money laundering.

A Texas bar owner has been charged with one count of wire fraud for fraudently obtaining funds under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Keith Anton Johnson received $123,500 in Payroll Protection Program (PPP) funds, despite being ineligible due to a criminal indictment in a separate case, per the Department of Justice. "Johnson allegedly submitted required payroll information purporting to be that of current employees to justify the basis for a PPP loan," according to the indictment. One of the questions on the PPP application referred to Johnson's criminal charges, in which he allegedly answered untrutfully. If convicted in the PPP loan case, Johnson faces up to 20 years in prison and a possible $250,000 maximum fine.

HOUSTON – A Texas bar owner is accused of fraudulently receiving federal COVID-19 aid. The government said Johnson secured $123,500 in Payroll Protection Program (PPP) funds as part of the CARES Act. According to the indictment, Johnson owned and operated KJR Entertainment Holdings LLC in conjunction with others from January 2020 through July 2020. KJR Entertainment also runs Southerns, a bar and live music venue in Bryan, Texas. The indictment also alleges Johnson was ineligible for the COVID-19 aid due to the pending indictment in a separate case.

Foster applied for a second PPP loan as soon as she could this year and got about $5,250 the first week of March. Sarah Foster applied for a second draw PPP loan as soon as she could. Some are hoping that the slower process means they still have some wiggle room to go back and apply for larger loans under the new formula. Mike Kelly may be able to re-apply for a larger PPP loan and take advantage of the recently updated calculation formula for sole proprietors. Peggy Russo could've gotten nearly four times more forgivable funding if her latest PPP loan was calculated under new rules.

Grigoryan, Hayrapetyan, and Paronyan were each also charged with 11 counts of wire fraud and eight counts of bank fraud. Vahe Dadyan was charged with six counts of wire fraud, three counts of bank fraud, and one count of money laundering. Richard Ayvazyan is charged with five counts of money laundering, and Tamara Dadyan is charged with one count of attempted bank fraud. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed-debt payments. The Fraud Section leads the Department of Justice’s prosecution of fraud schemes that exploit the CARES Act.

President Joe Biden has backed a plan to cut the income caps for Americans to receive a direct payment as part of the $1.9 trillion coronavirus relief package set to pass in the coming days, a Democratic source said Wednesday. Under the lower chamber's bill, individuals making up to $100,000 (and joint filers earning up to $200,000) would have received some amount. Even more people are set to receive smaller payments than they would have under the House proposal, he added. Another estimate said roughly 12 million people could lose checks due to the policy change. Asked Wednesday about whether Biden supports the proposal, White House press secretary Jen Psaki said "he is comfortable with where the negotiations stand."

Starting Wednesday, for a two-week period, only businesses with 20 employees or fewer will be able to apply for relief through the PPP program, Mr. Biden said in remarks Monday at the White House. Many of these businesses, he noted, had trouble obtaining relief in the early rounds of PPP, which was aimed at helping Americans keep their jobs. It handed out 5.2 million loans worth a total of $525 billion, helped many businesses stay on their feet, supporting some 51 million jobs. He pointed out that his plan "targets $50 billion to support the hardest hit small businesses after this program expires at the end of March." Without passage of the legislation, Mr. Biden said these small businesses would "continue to go under."

(AP Photo/Evan Vucci)WASHINGTON – President Joe Biden announced changes Monday to target more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color. Biden says a lot of these mom and pop businesses “got muscled out of the way” by larger businesses seeking federal money in the early days of the pandemic. "America’s small businesses are hurting, hurting badly and they need help now,” Biden said. Under the pandemic-era Paycheck Protection Program, the administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.

HOUSTON – If you are a small business owner or you know someone who is, tell them about the Texas governor’s webinar Wednesday to give an update on recovery resources through the Small Business Administration like the Paycheck Protection Program. They will answer questions live during the online session today from 1 to 2 p.m.You don’t have to pay to participate, but you do need to register online because there is a maximum capacity of 10,000 attendees. What: Governor’s Small Business Webinar Series: Information on the New Round of PPP FundingWhen: January 27, 2021, 1-2 p.m.Where: Online WebinarAbout the Event:The Governor’s Small Business Team will host a webinar for Texas small business owners to provide an update on recovery resources through the U.S. Small Business Administration (SBA), specifically the Paycheck Protection Program (PPP). Our panel of experts will include senior executives from the SBA and Small Business Development Centers. They will explain the recent changes and provide up-to-date advice on the new round of PPP funding, loan forgiveness, the Economic Injury Disaster Loan (EIDL) and other important resources.

HOUSTON – The Federal Trade Commission is warning small business owners about the latest COVID-19 scam. With a new round of Payroll Protection Program loans now available, scammers are impersonating Small Business Administration employees, calling owners to trick them into giving up information. The FTC says real lenders will never call you and solicit you for a loan you haven’t even applied for. The feds say these are likely phishing attempts from criminals who could illegally apply for loans using your information. You should also never fill out loan applications online from lenders you don’t know to be legitimate.

Samuel Yates, 32, of Maud, was charged in an indictment with two counts of wire fraud. In the application submitted to the first lender, Yates allegedly sought $5 million in PPP loan proceeds by fraudulently claiming to have over 400 employees with an average monthly payroll of more than $2 million. In the second application, Yates claimed to employ over 100 individuals and was able to obtain a loan over $500,000. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities. Trial Attorney Louis Manzo of the Criminal Division’s Fraud Section and Criminal Chief Frank Coan and Assistant U.S. Attorney Jonathan R. Hornok for the Eastern District of Texas are prosecuting the case.

Will restaurants survive winter with new loans from government? More than 100,000 U.S. restaurants have been killed off by the pandemic. Will the latest PPP loans for small businesses be enough to save the struggling survivors this winter? CBS MoneyWatch reporter Megan Cerullo tells CBSN why even more eateries could go under.

HOUSTON – Michael Caplan, who owns the Cavo Coffee, said he was on the verge of making a very difficult decision earlier this year -- whether to close his business. “There’s no doubt the Paycheck Protection Program saved my business,” Caplan said. Part of the new COVID-19 relief package recently passed by Congress sets aside money for another round of PPP loans, which are expected to roll out in the next few weeks. The program allows business owners to apply for a loan equal to two-and-a-half times their average monthly payroll costs. “I think it’s very important to realize that people who’ve already gotten PPP loans, they’ll be able to get another PPP loan,” said Jerry Tarnopol, a small business loan expert at Community Bank of Texas.

100,000 restaurants already goneThe coronavirus has already forced the permanent closure of more than 100,000 restaurants across the U.S., with more anticipated shutterings on the way as the pandemic persists. The closures represent nearly 17% of all U.S. restaurants, according to a study from the National Restaurant Association. Colorado restaurateur Bobby Stuckey, who owns four restaurants in Boulder and Denver, said the program is not a good fit for his restaurants. She applied for, but didn't receive a PPP loan the first time around. Not even a PPP loan would have saved the establishment, Jaafari said.

5 bills to watch in Texas in 2021 Leaders have set the tone for what legislation will cause the biggest debates. Galveston is shutting down again The new move came after seven straight days of high hospitalization rates.

This round of PPP has a few differences from the one earlier this year. The last round capped individual loans at $10 million, and the maximum amount this time for eligible businesses is $2 million. The restaurant-specific elements of the relief bill include enhanced PPP loan limits, which allows restaurants to seek forgivable loans up to 3.5 times their monthly payroll costs whereas other businesses are capped at 2.5; and enhanced access to PPP, which allows restaurants with fewer than 300 employees per location to qualify for PPP. The relief bill also allows several tax breaks. More information can be found on the Restaurants Act website.

Galveston is shutting down again The new move came after seven straight days of high hospitalization rates. 25 wild animal stories that happened in Texas in 2020 Here are 25 wild animal stories that happened in Texas in 2020.

The internet is still not over how much money this megachurch got Remember how much Joel Osteen's Lakewood Church got in a PPP loan during the pandemic? Gerald Green deserves better from the Rockets It's not the Rockets' fault, but it's still a shame that Gerald Green isn't on the team.

The internet is still not over how much money this megachurch got Remember how much Joel Osteen's Lakewood Church got in a PPP loan during the pandemic? Gerald Green deserves better from the Rockets It's not the Rockets' fault, but it's still a shame that Gerald Green isn't on the team.

That means that there is underlying strength in the Latino business community that can help in their emergence from the ravages of Covid-19. The 2019-2020 period was, in some ways, a record-breaking year for Latino entrepreneurs, buoyed by the strength in the general economy. And despite the improving revenue numbers, average Latino business revenues were still $96,000 lower than White-owned businesses', underscoring the challenges that lie ahead. Only 6.7% of Hispanic business owners report they are profitable and growing vs. over 14% of the general business owner population. The path forward for Latino entrepreneurs rests on a variety of factors, some which touch on public policy, government intervention, and societal forces.

The PPP offered businesses and nonprofits with fewer than 500 employees forgivable loans of up to $10 million, if at least 60% of the money went toward payroll. Larger companies received the lion’s share of the money, while millions of smaller beneficiaries got far less — all the way down to $1, according to data released Tuesday by the SBA.

One wrinkle in the forgiveness process is a ruling last month by the IRS that businesses cannot take common deductions for expenses such as payroll and rent if they are paid for with proceeds from PPP loans rather than normal income.

Diamond Blue Smith, 36, of Miramar, Florida, and Tonye C. Johnson, 28, of Flourtown, Pennsylvania, were charged in federal criminal complaints filed in the Southern District of Florida with wire fraud, bank fraud, and conspiracy to commit wire fraud and bank fraud. Smith, a recording artist, is alleged to have obtained a PPP loan of $426,717 for his company, Throwbackjersey.com LLC, using falsified documents. Smith allegedly purchased a Ferrari for $96,000 and made other luxury purchases using PPP loan proceeds. Johnson is alleged to have obtained a PPP loan of $389,627 for his own company, Synergy Towing & Transport LLC, using falsified documents. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities.

HOUSTON – A Texas man has been charged with federal bank fraud and making false statements to a financial institution in the Southern District of Florida. Investigators said Uzoamaka Leonard Ohaebosim, 46, lied about his movie company’s payroll expenses and obtained $1.2 million in Paycheck Protection Program funds. The PPP program was designed for qualifying small businesses and other organizations to receive loans from the federal government to help with job retention and certain other expenses. A number of Americans have been caught trying to defraud the PPP program. While another Texan man is facing serious charges after fraudulently seeking $ million in COVID-19 relief funds.

The money was part of the emergency COVID-19 relief program through the Small Business Administration, a program designed to help struggling small businesses pay their employees and stay afloat during the pandemic. Jerry Tarnopol, an SBA Loan Specialist at Community Bank, said with a program this big, fraud was a possible likelihood. “It saddens me that it happened, but you’ve got to expect it’s going to happen with such a big program. Price now faces federal charges of making false statements to a financial institution, wire fraud, bank fraud, and engaging in prohibited monetary transactions. He’s not the only one Federal Prosecutors have charged with crimes related to the SBA’s PPP program.

Small businesses are in limbo again as the coronavirus outbreak rages and the governments $659 billion relief program draws to a close. Congress is debating further help for small business as part of a broader coronavirus relief package. For example, the 50% requirement will leave out many small businesses, says Sean Kennedy, an executive vice president at the industry group National Restaurant Association. With the economy struggling, Koleas business is still down, and having spent all his loan money, hes hoping for a second loan. Krigman laid off staffers and rehired them when she got a PPP loan, but that money has been spent.

A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a Lamborghini sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. The complaint alleges that Hines sought approximately $13.5 million in PPP loans through applications to an insured financial institution on behalf of different companies. The complaint alleges that Hines caused to be submitted fraudulent loan applications that made numerous false and misleading statements about the companies respective payroll expenses. Businesses must use PPP loan proceeds for payroll costs, interest on mortgages, rent and utilities.

The PPP offered loans up to $10 million to companies with fewer than 500 employees. The most appealing aspect of the program: possible loan forgiveness if most of the money was spent on workers. But when the loans were first proposed, lawmakers described them as a rescue for small businesses and their employees. Treasury Secretary Steven Mnuchin soon said the government would audit loans above $2 million, though some experts have their doubts. Aliera Companies, a private equity firm specializing in healthcare, got a $5 million to $10 million loan.

However, none of the four major North American sports leagues the NFL, NBA, NHL and Major League Baseball were among the businesses that applied, according to the data. The data showed businesses that applied for and received loans, though some may not ultimately have taken the funds. An AP survey completed in May found 32 U.S. Olympic sports organizations about 70% of all federations had applied for PPP loans. With their seasons shut down, more than a dozen minor league baseball teams turned up on the PPP rolls. The Big South Conference, Conference USA, Southland Conference and Big Sky Conference all listed less than two dozen full-time employees, according to the data.

(The data shows only ranges for the amounts of approved loans.) The PPP loans can be forgiven if employers use most of the money to keep their workers on the payroll. The Girl ScoutsMore than 30 Girl Scout chapters across the country received PPP loans, the Treasury said. Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between $5 million and $10 million in loans from the program. Though the PPP program was designed to help small businesses, big hotel and restaurant chains were also allowed to apply.

In the months ahead, Main Street loans may prove a valuable resource for firms that were in sound financial condition prior to the pandemic, Powell said. Companies with up to 15,000 employees or $5 billion in revenue are eligible for Main Street. The Fed has said it will purchase up to $600 billion in Main Street loans from banks. Main Street loans currently have a rate slightly above 3%. Haith, meanwhile, said the interest rate on a Main Street loan is much lower than he would typically expect to pay, even in a healthy economy.

REUTERS/Carlos BarriaNEW YORK/BOSTON (Reuters) - More than four-fifths of publicly listed companies that received emergency small-business loans from the U.S. government have held onto them, sticking with a certification that they need the money, according to data from market research firm FactSquared. Sixty-eight companies returned $435.8 million in loans, out of a total of 424 public companies that were granted loans totaling $1.35 billion, based on a review of corporate filings by FactSquared as of May 22. Some 76 public companies that took PPP loans and have not said they will return them had enough cash and cash equivalents to cover operating costs until at least June, according to a Reuters analysis, which was based on companies most recent earnings and companies tracked by FactSquared. Of those companies, 22 received loans of at least $2 million. The PPP program has drawn criticism from small-business owners and politicians for allowing access to public companies, given their easier access to capital markets.

Baoke Zhang, 35, of Issaquah, Washington, was charged in a federal criminal complaint filed in the Western District of Washington with wire fraud and bank fraud. Allegedly, Zhang provided lenders with fraudulent IRS documentation purporting to show federal tax withholdings for a sole proprietorship in his name for 25 employees. Zhang allegedly also provided fraudulent IRS documentation purporting to show federal tax withholdings for 20 employees for a limited liability company he created. Zhang allegedly provided falsified documentation purporting to show that an EIN for the second company had been assigned in 2018. Zhang also allegedly provided the lender with a bank statement purporting to show that the company had disbursed payroll payments in December 2019.