More Than 50% of PPP Loans Went to Larger Businesses

Weekly Newsletter | December 4, 2020 | Subscribe

COVID-19 Related Fraud

----------------------------------------------------------------------------------- The Washington Post: More than half of emergency small-business funds went to larger businesses, new data shows New data shows that more than half of the money from the Treasury Department’s coronavirus emergency fund meant for small businesses went to only 5% of the recipients. This data shows that the PPP loans went to about 600 larger companies, including national chains, who received the maximum amount of $10 million.

Reuters: U.S. government releases more data on millions of businesses that took pandemic aid After a federal judge sided with a challenge brought by news organizations last month under the Freedom of Information Act, Treasury Department and Small Business Administration (SBA) had to release information on the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP).

The Washington Post: With covid-19 vaccines coming, federal investigators grow wary of fraud Homeland Security Investigations, wary of people exploiting the demand for a vaccine, announced a new operation to stop fraudsters. As financial fraud schemes become more concerning as the demand increases, HSI are trying to stay ahead of criminal organizations trying to exploit people.

Dept. of Justice: Serial Fraudster Pleads Guilty to Federal Charges for Conspiring to Steal Mail, Stealing Benefits Under the CARES Act, and Aggravated Identity Theft A Maryland man pleaded guilty to federal charges of conspiracy to steal mail, emergency benefits fraud, and aggravated identity theft. After being released from custody in March, he allegedly unlawfully acquired an Economic Impact Payment (EIP) check issued by the U.S. Treasury and authorized under the CARES Act. The check was in the amount of $2,900 and was meant for a Maryland, married couple.

Case Settlements & Opinions


National Law Review: DC Council Expands False Claims Act to Tax Claims

The DC strengthens its False Claims Act by passing an amended bill to allow tax-related false claims to be raised against large taxpayers for up to 10 years of prior tax periods. The bill passed the 13 member council with a veto-proof majority.

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