36 PPP Fraud Prosecutions So Far, and Counting

[DauphineMucha]

$341 Million in PPP Fraud So Far, and Counting

A list of PPP fraud cases under the Paycheck Protection Program. PPP loans under the CARES Act aided 5 million small businesses, but there is fraud.

smallbiztrends.com

 

[Karl_K]

A freind of mine got investigated because he and his wife run seperate businesses out of their house. It raised a red flag but all turned out to be legal.
They got $10k per business. $20k total.

 

[Rad_Fan]

I am curious about that 5cts+ ring...

 

[bludiva]

A freind of mine got investigated because he and his wife run seperate businesses out of their house. It raised a red flag but all turned out to be legal.
They got $10k per business. $20k total.

did your friend feel the investigation was handled well or poorly?

some of the reports of businesses that don't really need the funds but are getting them anyway irk me even though that's not necessarily illegal. i think kanye west's clothing line was one (hundreds of million in revenue with very few employees - licensing business basically) and another was the wife of an administration official who is already wealthy to expand her art business. again, not necessarily illegal but with so many small businesses struggling it is hard to read about that kind of thing. glad they are doing follow-up investigation but hope it is being done fairly & respectfully.

 

[elle_71125]

I don't understand the people who are trying to pull this. There is no guarantee that you won't have to pay those funds back. You have to apply for loan forgiveness and it requires a lot more info / documentation than the initial loan request.

 

[bludiva]

I don't understand the people who are trying to pull this. There is no guarantee that you won't have to pay those funds back. You have to apply for loan forgiveness and it requires a lot more info / documentation than the initial loan request.

looks like some of them aren't strangers to grifting from the descriptions in the article...i guess they think they can escape accountability. one of them was on parole for some other fraud for*&^%'sake!

 

[Karl_K]

did your friend feel the investigation was handled well or poorly?

At first he thought it was a scam letter but when his wife got one also and he looked up the phone number online he got a little worried.
He and his wife ended up setting up a time for someone to call them and after talking to them on the phone it was the end of it.
I dont know all the details but it didn't sound like it was handled badly.
Due to covid it was handled over the phone.