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.
โIt saddens me that it happened, but youโve got to expect itโs 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.
Heโs not the only one Federal Prosecutors have charged with crimes related to the SBAโs PPP program.