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Those employees, along with an army of contractors, are responsible for overseeing a loan portfolio that currently includes 48,000 PPP loans with an outstanding balance of $1.3 billion and dealing ...
The House report states that two fintechs, Womply and Blueacorn, facilitated a third of PPP loans in 2021 before being suspended by the Small Business Administration earlier this year.
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 ...
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 ...
The Paycheck Protection Program was one of the signature federal economic relief measures in the early days of the COVID-19 pandemic, providing small businesses loans of up to $10 million that ...
The feds have focused their COVID-19 loan fraud probe on BSO deputies and others in the agency. ... long known as the nation’s capital of fraud schemes, has incurred more than 150 PPP criminal ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
In this scam, intended victims receive court documents, claiming to be sent on behalf of the Department of Justice's Criminal Division's Commercial Litigation Branch, that disclose a PPP fraud ...