$53 million PPP fraud case is latest of many Texas investigations

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$53 million PPP fraud case is latest of many Texas investigations
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A $53 million fraud scheme is the latest in a slew of cases federal prosecutors in Texas are pursuing against fraudsters who preyed on the federal government’s ...

The Small Business Administration estimates its investigations have resulted in the recovery of $30 billion in fraudulent loans.

The easy application process, with little vetting tied to it, effectively invited business owners to apply for the money. In extreme cases, recipients used the loan proceeds to buy sports cars and fancy homes, rather than to retain employees.. She is facing 45 years in prison after she applied and successfully got a PPP loan worth $405,340. However, when applying, she allegedly inflated her company’s employee headcount and its monthly expenses, according to the U.S.

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