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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 ...
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 ...
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.
The Wall Street Journal reports that the federal government has become swamped with reports of potential fraud in the Paycheck Protection Program, a response to the impact of the coronavirus pandemic.
In June 2022, Blotnick pleaded guilty in federal court to one count of wire fraud and one count of money laundering (18 U.S.C. § 1341, 18 U.S.C. § 1957). He was sentenced to 51 months in prison for his role in a scheme to fraudulently obtain federal Paycheck Protection Program (PPP) loans totaling over $6.8 million. [4] [5] [6] [1]
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 ...
The wire fraud charge carries a maximum penalty of 20 years in prison and a maximum fine of $250,000. The money laundering conspiracy count carries a maximum penalty of 10 years in prison and a ...