SBA’s PPP & EIDL Fraud Alert

At the top of the pandemic, many businesses were applying for the PPP and EIDL loans. However, it didn’t take long for individuals to figure out how to game the system and take advantage of the process. It was recently reported through Bizjournals.com that roughly 90 billion dollars have been paid out in fraudulent applications. 

Currently, there are District Attorneys (DA’s) throughout several states that are going through the applications that were approved in their state to determine which applications were approved in error. Upon discovery, many of these DA’s are seeing red flags and are questioning how these applications got pushed through the verification process. 

After much research, these DA’s are making a clear point to go after every applicant that lied and defrauded the government during a world pandemic. People are being charged, convicted, and doing time for committing wire fraud and money laundering. Many of the sentences seem to range from 18 to 51 months in prison for the crimes committed.

This should serve as a message to everyone, that every action has a reaction whether good or bad whether intentional or unintentional.

**Our condolences to the “King Family” and the “Kryst Family” on their heartbreaking losses and to anyone who has had to deal with such a tragedy. If you or anyone you know is suffering from suicidal thoughts, please check out your resources as there are some many that are willing to help.

Resources:

The National Suicide Prevention Lifeline: 800-273-8255

Additional Resources can be found at: https://www.cdc.gov/suicide/resources/index.html

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