The Justice Department earlier this month said that its fraud section has prosecuted over 150 defendants in more than 95 criminal cases stemming from fraud schemes involving the Paycheck Protection Program.
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In total, three banks, the SBA and manufacturer financing divisions lost $6.4 million because of the fraud.
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One family allegedly created 72 phony companies to collect $7.2 million through an SBA program. A person posing as Donald Trump won a $5,000 grant.
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The Small Business Administration has received more than 1,000 reports that business owners are fighting fraudulent Economic Injury Disaster Loan applications. KCoe offers tips to protect your company.
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The prevalence of reported fraud is staggering. Georgia found more than 130,000 false claims filed in July. Illinois identified more than 120,000 counts of unemployment insurance fraud in August. Consider these tips to avoid trouble.
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