The Small Business Administration estimates its investigations have resulted in the recovery of $30 billion in fraudulent loans.
fraud scheme are the latest in a slew of cases federal prosecutors in Texas are pursuing against business owners who took advantage of the federal government’s pandemic relief program.The Paycheck Protection Program was an $800 billion emergency loan program created in March 2020 – the height of the pandemic – as part of the nation’s $2 trillion Coronavirus Aid, Relief and Economic Security Act.
PPP provided forgivable loans to help businesses maintain payrolls, hire back laid-off employees and cover overhead costs.that the Trump administration knew bad actors would slip through the cracks in an application process made intentionally simple. “Some fraud is inevitable. That’s the price that the government was willing to pay to get the money as quickly as possible into the hands of those that really needed it,” Gonzalez said.The easy application process, with little vetting tied to it, effectively invited business owners to apply for the money. In extreme cases, recipients used the loan proceeds to buy sports cars and fancy homes, rather than to retain employees. after he applied for a $24.
Prosecutors said Sah used the money to buy homes in Texas, pay off mortgages for his homes in California and purchase a Bentley convertible, a Corvette Stingray and a Porsche Macan. He was forced to pay nearly $17.3 million in restitution, forfeit eight homes, six cars and more than $9 million.
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