Paycheck Protection Program (PPP) loans have aided more than 5 million small business owners, providing a much-needed lifeline during the Coronavirus outbreak crisis. The overwhelming majority of business owners are legitimate and will use the money as intended to retain employees and stay operational.
But the PPP program has attracted a few rotten apples. And you won’t believe how rotten they are.
To date, the Justice Department has filed 39 PPP fraud cases, charging about 56 defendants. Defendants are charged with bilking taxpayers out of tens of millions of dollars. Luckily, the Feds have recovered a large part of the loan proceeds already.
And what’s been recovered tells a wild tale.