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Two CT business owners plead guilty to millions in COVID program fraud
Prosecutors across the country took part in enforcement against 160 defendants responsible for frauds totaling $245 million targeting the Paycheck Protection Program, authorities said.
A Courthouse Employee Got $41,250 for a Business That Didn’t Exist, She Won’t Go to Prison
A former Illinois courthouse employee admitted obtaining $41,250 in Paycheck Protection Program loans for a remodeling company that investigators said did not exist. Erica L. ... Read More
Springfield business owner pleads guilty to COVID-19 loan fraud, money laundering
Springfield business owner pleaded guilty to bank fraud and money laundering after fraudulently obtaining $316,062 in Paycheck Protection Program loans under the CARES Act and using the funds for unauthorized purposes, including personal benefit.
Saginaw auto group to pay $1.5M in pandemic-related fraud settlement
Garber Management Group to pay more than $1.5 million to settle claims it made false statements to secure a Paycheck Protection Program loan.
Is the PPPLF Still Encouraging Small Business Lending?
The Federal Reserve designed its Paycheck Protection Program Liquidity Facility to ease liquidity issues and support small business lending during the pandemic. The liquidity facility allowed banks to pledge Paycheck Protection Program loans as risk-free collateral during the beginning of the COVID-19 pandemic. Analysis shows that, although the program has essentially ended, the positive effects on small business lending have persisted, particularly among small banks with lower liquidity, in keeping with the intent of the program.