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Facing numerous federal investigations into its PPP lending practices, Kabbage or, to be more accurate, the shell of what was once Kabbage, filed for bankruptcy this week. Kabbage was acquired by ...
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
Potential fraud isn’t the only issue with Kabbage’s PPP performance. The Herald previously reported on the struggles to obtain forgiveness faced by many small business owners who obtained ...
Congressional investigators identified multiple areas of potential waste and fraud in PPP, part of the $2 trillion CARES Act, which offered qualifying small businesses up to $10 million in ...
Theft or bribery concerning programs receiving federal funds (sometimes referred to as program fraud or program bribery) is a federal crime under 18 U.S.C. § 666. The purpose of this statute is protect the integrity of the vast sums of money distributed through federal programs. The section is designed to facilitate the prosecution of persons ...
The only other BSO employee convicted of PPP loan fraud to be sent to prison: Stephanie D. Smith. The former BSO deputy school resource officer was found guilty in March of wire fraud charges for ...
Of that amount, $60 billion is for PPP loans made by small banks, small credit unions, and community financial institutions. [19] [20] Appropriates an additional $10 billion for emergency Economic Injury Disaster Loans. [21] [20] Expands eligibility for emergency Economic Injury Disaster Loans to farms and agricultural-related businesses. [22] [20]
The scam using doll faces to create false IDs made up a small part of the estimated $80bn in fraud connected to the Paycheck Protection Program (PPP), according to The Messenger.