Tag Archives: Paycheck Protection Program

39 PPP Fraud Prosecutions So Far, and Counting | Small Business Trends

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.

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Be Careful With Cares Act Taxes | Inc.com

With many businesses operating under constrained financial circumstances because of the coronavirus pandemic, finding available cash to pay current operating expenses can be difficult. Although the Coronavirus Aid, Relief and Economic Security Act (Cares Act) provides assistance to cover expenses such as payroll, rent, and insurance through both the Economic Injury Disaster Loan program and the Paycheck Protection Program, many businesses are finding that these sources of funding aren’t adequate to meet their current needs and they are facing a cash shortfall.

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