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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 ...
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.
The Paycheck Protection Program allocated about $800 billion in loans through banks that were entirely guaranteed by the Small Business Administration and, in almost all instances, forgiven as ...
A Miami-Dade County man thought it was good idea to invest $10 million in a local personal protective equipment and bulk food re-sale business in the midst of the COVID-19 pandemic.
David Adler Staveley (born 1967) is an American fraudster who was the first person to be charged with fraud in relation to the Paycheck Protection Program. Staveley, along with David A. Butziger, attempted to steal over $543,000 from the Paycheck Protection Program in forgivable loans for four businesses he either did not own or were no longer in business.
The scam using doll faces to create false IDs made up a small part of the estimated $80bn in fraud ... to small businesses in dire straits as the pandemic took hold of the country in the spring of ...
Benefit/grant scams. In this variation of COVID-19 scams, the fraudster claims that the victim is eligible for a COVID-19 benefit payment. This scam is a derivative of the advance-fee scam, where the scammer will ask the victim for a small payment in return for the 'benefit'. The scammer will then ask for further payments under the guise of ...
SBA 7 (a) loan. The most common government-backed small business loan with loan amounts of up to $5 million available. Money can be used for almost any purpose, including working capital, payroll ...