Under the Small Business Administration rules, a PPP loan could be used only to meet payroll and pay mortgage interest, leases or utility bills. PPP loan recipients weren’t prohibited from paying investors with other funds, as long as the PPP funds were kept separate.
Still, some advocacy groups believe companies that had enough cash on hand to pay millions in dividends and stock purchases were unlikely to qualify for the PPP program, which was designed to assist troubled companies in keeping employees on the payroll during weeks when they were unable to do business because of pandemic-related lockdowns.
“The Trump administration wrote the PPP rules and sent billions of dollars to the well-resourced and well-connected rather than actual small businesses struggling during this public health and economic crisis,” said Kyle Herrig, president of an advocacy group called Accountable.US. “The fact that there was little transparency or accountability under this program
ROYSE CITY, Texas (CBSDFW.COM) – Some North Texas homeowners say they are continuing to get hit with much higher-than-expected tax bills.
“We fell in love with the homes in this community,” says Karla New.
The new homeowner says Royse City seemed ideal for her and her family.
“We wanted them to be in a good school district so that’s why we chose Royse City,” says New.
She signed closing documents in July aware that she lived in a public improvement district (PID) and that meant some additional cost.
But after she closed, she says the more than $4,100 additional cost more than tripled.
“We found out the PID assessment was now going to be $15,000,” explained New. “The difference was completely shocking.”
New says she’s not alone.
She says she learned another homebuyer in her development was also told it was about $4,100 but later learned she owed
New Jersey Lawyer Issued Almost $9 Million in PPP Loans, Bought House, Invested In Stock Market, DOJ Says
A New Jersey attorney was indicted on Tuesday with multiple counts of bank fraud for allegedly obtaining $9 million in federal Paycheck Protection Program (PPP) loans.
Jae H. Choi of Bergen County submitted four fraudulent applications for PPP loans to four lenders on behalf of four businesses that were said to provide educational services, according to filed documents and statements made in court. He allegedly lied about the existence of hundreds of employees on the application, manipulated bank records, and falsified a driver’s license—while stating that these companies paid over $3 million in monthly wages.
In one instance, Choi falsely claimed in an email to a lender that he told 150 of his employees that they would lose their jobs because the PPP loans had not
TAMPA — National Guardsman Ryan Steiner was preparing to deploy to Afghanistan in 2018 when he and his wife bought a home in Belmont Heights for $140,000.
The couple was about to marry and planned to start a family. They moved in before Steiner left for three months of military training and a nine-month tour of duty.
A few weeks after moving in, Steiner’s wife, Paige Skinner, began to have breathing difficulties and a cough. The couple thought it must be the mold they found in the kitchen when they remodeled it. But that didn’t explain why the air-conditioning