![]() Even a single PPP loan fraud case might involve multiple criminal laws. When a person is charged with PPP loan scam charges, they can face multiple civil and criminal penalties. Penalties For Abusing Or Wasting The PPP Funds: This has led to worry of widespread fraud (and a few highly-publicized cases of fraudulent PPP loan applications), and it has forced numerous federal agencies to turn their attention to combatting PPP loan fraud. The low-cost (and potentially free) funds offered under the PPP have proven to be attractive not only to struggling businesses, but also to larger companies and scam artists. Loans issued under the PPP carry a 1% interest rate, but the loans are completely forgivable if certain conditions are met. Launched in March 2020 in response to the economic uncertainty that was triggered by the novel coronavirus (COVID-19) pandemic, the PPP made hundreds of millions of dollars in federal funding available to businesses struggling as a result of the pandemic. Employee allowances (sick leaves, medical, parental, and vacation pay)įederal authorities are aggressively targeting individuals and companies for PPP loan fraud.Salaries, bonuses, commissions, wages (maximum $100,000 per annum per employee).Businesses who took out these loans could spend the borrowed sum on: The primary goal of PPP loans was to help businesses survive the pandemic and ensure that people don’t lose their employment. ![]() has done something nefarious, then report them here using the review box at the bottom of the page. If you think SCHAAD DETECTIVE AGENCY INC. Often, however, whistleblowers & employees reveal that their employers have abused their funds. ![]() These amounts were reported to the SBA by the company. claims to not have misused the PPP Loan in any ways. ![]()
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