ppp loans

“Mark Ethan Jermain fraudulently applied for and received PPP loans for businesses that didn’t exist anywhere but on paper. Furthermore, he used the identity of a former business partner, unbeknownst to the partner, to defraud the taxpayer funded program out of nearly three quarters of a million dollars,” said FBI St. Louis Special Agent in Charge Ashley Johnson. #loan

An online lending platform called Kabbage sent 378 pandemic loans worth $7 million to fake companies (mostly farms) with names like “Deely Nuts” and “Beefy King.”

Small businesses owned by women, minorities get first chance at new PPP loans (Washington DC) - The Biden administration is expanding the federal Paycheck Protection Program as well as targeting women and minority-owned businesses to give them greater access to loans during the COVID-19 pandemic. With less than half the allocated $284 billion in PPP funds yet to be claimed, by U.S. businesses, the Small Business Administration has said it would soon begin accepting a new round of applications.