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COVID-19 Relief Law - PPP Loan Fraud Celebrity Indictments


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5/14/2020
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The Coronavirus Aid, Relief, and Economic Security Act's ( ‘‘CARES Act") Payroll Protection Provision program ("PPP") was designed to aid US based small businesses. However, as with many honor-system based relief applications, there are those who inadvertently or intentionally attempt to take advantage the relief program system.

In our prior post, we reviewed the first publicly announced indictments for PPP loan fraud. Read more here: https://www.fazziolaw.com/blog/covid-19-relief-law-first-ppp-loan-fraud-indictments.cfm 
 
While the two parties in the original story did not receive the funding, a famous TV personality from the show "Love & Hip Hop" is alleged to not only have received over $2,000,000 set aside for struggling small businesses, but also spent the money on Rolex and other luxury goods according to the Authorities. The celebrity was charged with bank fraud (in violation of 18 USC § 1344) to which he plead not guilty and is awaiting trial
 
As the SBA and the Trump Administration have pledged to, at the minimum, review any PPP loans in excess of two million dollars indictments will continue to come down. 
 

We understand how uncertain this time is and our firm is prepared to advise you on which program is best suited for your financial situation as well as assist you in the application process for the two programs. Please do not hesitate to contact our firm with any questions, Fazzio Law is in your corner.



Category: COVID-19 Relief Law


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