Results 1 to 2 of 2
-
05-19-2020, 08:17 AM #1
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,948
SBA provides safe harbor for PPP loans under $2 million
Possibly some assistance for PPP Recipients
https://www.journalofaccountancy.com...2-million.htmlDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
06-23-2020, 11:57 AM #2
- Join Date
- Feb 2018
- Posts
- 1,349
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
-
SBA Announces Safe Harbor for PPP Borrowers with Loans for Less than $2M
By Yankeeman07 in forum Everything elseReplies: 1Last Post: 05-13-2020, 03:13 PM -
Stay safe during the storm!
By AlexP in forum Merchant Cash AdvanceReplies: 1Last Post: 10-10-2018, 03:30 PM -
looking for a direct lender for loans over a million dollars
By chris32111 in forum All Other LendingReplies: 5Last Post: 09-17-2015, 01:41 AM -
Loans over One Million Dollars
By randyw in forum Business LoansReplies: 31Last Post: 05-29-2015, 12:19 PM -
24 month project loans $5 million and up with 10% cash.
By JoePat in forum All Other LendingReplies: 0Last Post: 10-30-2014, 10:53 AM