Results 1 to 2 of 2
  1. #1
    Senior Member Reputation points: 53129
    Join Date
    Mar 2014

    Lightbulb SBA provides safe harbor for PPP loans under $2 million

    Possibly some assistance for PPP Recipients
    Dave Lambert
    FC Financial LLC
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  2. #2
    Senior Member Reputation points: 56005
    Join Date
    Feb 2018

    The CARES Act created the Office of the Special Inspector General for Pandemic Recovery. Its purpose is to investigate fraud allegations. And the Department of Justice (DOJ) will prosecute any charges.

    What is PPP loan fraud? (CARES Act Fraud?)
    PPP loan fraud occurs when people intentionally obtain – or attempt to obtain – funds through the CARES Act that they are not entitled to. Five examples of PPP loan fraud include:

    Falsely claiming the company has fewer than 500 employees to qualify for the loan.
    Falsely claiming the coronavirus crisis hurt business to qualify for the loan.
    Inflating average monthly payroll costs to get more loan money. (Note that payroll costs cap at $100,000 per employee.)
    Falsely claiming all the loan money is going towards qualified expenses (payroll, rent, mortgage, utilities) in order to get the loan forgiven.
    Not disclosing if employees leave (thereby reducing payroll expenses) in order to get more of the loan forgiven.

Similar Threads

  1. Replies: 1
    Last Post: 05-13-2020, 03:13 PM
  2. Stay safe during the storm!
    By AlexP in forum Merchant Cash Advance
    Replies: 1
    Last Post: 10-10-2018, 03:30 PM
  3. looking for a direct lender for loans over a million dollars
    By chris32111 in forum All Other Lending
    Replies: 5
    Last Post: 09-17-2015, 01:41 AM
  4. Loans over One Million Dollars
    By randyw in forum Business Loans
    Replies: 31
    Last Post: 05-29-2015, 12:19 PM
  5. 24 month project loans $5 million and up with 10% cash.
    By JoePat in forum All Other Lending
    Replies: 0
    Last Post: 10-30-2014, 10:53 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts