The House has passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs. 7 Small Business Bills Pass US House The slew of bills includes legislation to extend the statute of limitations on small business pandemic fraud cases, enhance workforce development offerings, and improve the […]
Former Congressional candidate Nicholas Jones has pleaded guilty to charges of using Covid-19 relief funds for personal expenditures and falsifying records. Former Congressional Candidate Pleads Guilty to PPP Loan Fraud Court documents revealed that 26-year-old Jones from Boise in Idaho, applied for and received Covid-19 relief funds totaling $753,600 via the Paycheck Protection Program and […]
Austin St. John, 47, McKinney, TX, is one of 18 people charged in a Paycheck Protection Plan (PPP) fraud scheme that allegedly involved 16 loans and $3.5 million. St. John is best known as the original Red Power Ranger in the Mighty Morphin Power Rangers television series. The series launched in 1993. Former Mighty Morphin […]
Two Florida men have been given prison sentences after they led a nationwide scheme to defraud the Paycheck Protection Program (PPP) for millions of dollars in loans. Florida Men Sentenced for PPP Loan Fraud Scheme So far, 25 people have been charged for their part in the scheme, and now the U.S. District Court for […]
Two of the 7 bills advanced by the House’s Small Business Committee deal address fraud in the Paycheck Protection and Economic Impact Disaster Loan programs. Both bills would establish a ten-year statute of limitations for prosecutions related to fraud. HR 7352 is for the PPP, and HR 7334 is for the EIDLs. The PPP bill […]
Small business owners in New York, New Jersey, Connecticut, Massachusetts and Pennsylvania have until June 6 to apply for a Small Business Administration (SBA) Economic Impact Disaster Loan related to Hurricane Ida. Hurricane Ida pummeled the northeast coast for three days, September 1-3, 2021. The June 6 deadline is for completed applications. In other words, […]
Loan approval rates continue to slowly rise, but “still nowhere near pre-pandemic highs,” according to Biz2Credit CEO Rohit Arora. Biz2Credit is an online lending platform, and reports monthly on loan approval rates. The report is based on loan applications from 1,000 small business owners. The report includes loan approval rates through April 2022. Small Business […]
The Small Business Administration budget request for fiscal year 2023 includes some big increases. The budget request has been passed by the Senate Committee on Small Business and Entrepreneurship. The increases to the budget could aid small business owners who are seeking training and counseling, or access to funding. The proposal also increases the SBAs […]
The owner of a pawn shop in New Jersey has settled allegations relating to the Paycheck Protection Program (PPP) loan. Pawn Shop Owner Settles PPP Loan Fraud Case Daniel Markus, the owner of the pawn shop, has agreed to pay $50,000 in civil penalties to settle allegations that stipulated the company, in obtaining more than […]
As of April 24, 2022, 96% of 2020 PPP loans and 81% of the 2021 PPP loans have been fully or partially forgiven. That’s according to the latest SBA Forgiveness Platform Lender Submission report. 23% Still Haven’t Applied for PPP Loan Forgiveness A very important point to remember about the PPP loan program is you […]