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Aug 7 - President Biden signs bill targeting PPP loan fraud



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 2 months ago '08        #1
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T2THEONE  topics gone triple plat - Number 1 spot x1
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Aug 7 - President Biden signs bill targeting PPP loan fraud
 

 
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visit this link https://www.ny1.com/nyc/a .. ss-loan-cheats

What You Need To Know

President Joe Biden signed a pair of bills Friday that will give the Justice Department more time to investigate and prosecute people accused of fraudulently collecting government payments aimed at helping small businesses during the COVID-19 pandemic

The bills, which recently passed Congress with vast bipartisan support, establish 10-year statutes of limitations for criminal charges and civil enforcement

In October 2020, the Small Business Administration’s Office of Inspector General identified $78.1 billion in potentially fraudulent EIDL loans and grants paid to ineligible entities and another $6.7 billion in loans and grants linked to alleged identity theft

And last year, the agency watchdog identified more than 70,000 PPP loans totaling over $4.6 billion that were potentially fraudulent


The PPP (Paycheck Protection Program) and Bank Fraud Enforcement Act and the COVID-19 EIDL (Economic Injury Disaster Loan) Fraud Statute of Limitations Act establish 10-year statutes of limitations for criminal charges and civil enforcement. Both bills recently passed Congress with vast bipartisan support.

“American people deserve to know that their tax dollars are being spent as intended,” Biden said. “My message to those cheats out there is this: You can't hide. We're going to find you. We're going to make you pay back what you stole and hold you accountable under the law.”

The Paycheck Protection Program helped small businesses pay their employees after companies were forced to shut down during the pandemic. EIDL loans and grants gave small businesses money to be used for working capital and other normal operation expenses.

In October 2020, the Small Business Administration’s Office of Inspector General identified $78.1 billion in potentially fraudulent EIDL loans and grants paid to ineligible entities and another $6.7 billion in loans and grants linked to alleged identity theft. And last year, the agency watchdog identified more than 70,000 PPP loans totaling over $4.6 billion that were potentially fraudulent.

The inspector general blamed pressure to make payments quickly for the Small Business Administration lowering its guardrails to prevent fraud.

In his State of the Union address in March, Biden announced the appointment of a Justice Department special prosecutor for COVID-19 pandemic relief to prosecute related fraud cases.

Biden said the bills will help retore Americans’ faith in government. The president also blamed the Trump administration for allowing such fraud.

“Part of our plan is making sure that when we commit funds to help American small business, it actually goes to those small businesses they're supposed to go to,” Biden, who is still testing positive for COVID-19, said from the White House’s Blue Room balcony. “We know with that last administration, that's not what happened. Too much of small business relief funding, which was passed by the Congress, ended up in the hands of those who either didn't need it or criminal syndicates who outright stole the money.

“Not only did the Trump administration let the biggest businesses with the teams of lawyers and accountants skip to the front of the line, my predecessor undermined the watchdogs who were supposed to be on the job to make sure relief went to mom-and-pop businesses were supposed to get it in the first place.”

Trump’s office did not immediately respond to a request Friday seeking comment.
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197 comments
 

 2 months ago '10        #2
Trilluminati GA 
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n*ggas in trouble

+212   

 2 months ago '07        #3
240ka  topics gone triple plat - Number 1 spot x1
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Good
+22   

 2 months ago '22        #4
SeanDon122 
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Very intrigued to see who gets sniped and who doesn't
+53   

 2 months ago '21        #5
Swisha2k11  topics gone triple plat - Number 1 spot x3
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Y'all still don't think all governments are nothing but extensions of the ruling-class (versus the working-class)?

I wonder if they're still investigating those big banks from 2008?



Last edited by Swisha2k11; 08-07-2022 at 02:53 PM..
+126   

 2 months ago '15        #6
Mal215 
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When he got the shades on he serious
+51   

 2 months ago '16        #7
kuul  topics gone triple plat - Number 1 spot x12
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Biden dont call no shots.
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 2 months ago '21        #8
AK9INE  topics gone triple plat - Number 1 spot x1
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 Mal215 said
When he got the shades on he serious

Pedo Peter doesnt want anyone seeing how drugged up he is



+45   

 2 months ago '06        #9
bigkilla  topics gone triple plat - Number 1 spot x2
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Damn son... 10 years?

They're coming for all of them
+40   

 2 months ago '04        #10
jsmooth-117 
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How about he sign a bill charging unemployment senior management for screwing the pooch on paying unemployment benefits? I read the other day that there are still MANY claims pending payment for pandemic-related benefits.

Yes, you read that right, there are people who filled unemployment during the pandemic (yes, in 2020) that STILL HAVE NOT been paid.

What a clusterfu*k.
+55   

 2 months ago '16        #11
NoLvstName  topics gone triple plat - Number 1 spot x29
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They forgave a huge amount of loans already tho
+18   

 2 months ago '16        #12
NEVER99  topics gone triple plat - Number 1 spot x2
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n*ggas gone hate him more now lol they regretting voting for him for sure
+39   

 2 months ago '18        #13
Sandyy  topics gone triple plat - Number 1 spot x7
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my neighbor from Detroit still in prison for this ppp sh*t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
+67   

 2 months ago '21        #14
The jinx  topics gone triple plat - Number 1 spot x6
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Remember when biden said he wouldnt tax the poor and noone making under 400,000 would have to pay any more taxes ?
I thought dems were for the little people ?

@ im sure you dont mind paying more money so ukraine is safe and we dont have to read any mean tweets. @ @
+27   

 2 months ago '05        #15
pnoi89  topics gone triple plat - Number 1 spot x7
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 NEVER99 said
n*ggas gone hate him more now lol they regretting voting for him for sure
Lol at being pissed at trying to scam the government and NOT being given passes for it

On the other hand, the PPP, EIDL including all those other programs def were helpful for those that actually needed it, especially when some of my work got cut too.

Forgiveness for the loans were stupid easy too.

For those that thought you were entitled to schemin’ with no actual business and faking your payroll and Schedule C’s….. Good luck


Last edited by pnoi89; 08-07-2022 at 01:09 PM..
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 2 months ago '05        #16
pnoi89  topics gone triple plat - Number 1 spot x7
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 Sandyy said
my neighbor from Detroit still in prison for this ppp sh*t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
Honestly, the people schemin’ during the PPP and EIDL days should be given a chance to just return the funds back, if their loans were fraudulent, and just call it a day.
+29   

 2 months ago '16        #17
NEVER99  topics gone triple plat - Number 1 spot x2
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 Sandyy said
my neighbor from Detroit still in prison for this ppp sh*t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
U just sayin sh*t online to try n sound cool . If they “want” him do time that would mean he f*ghting a charge not sittin in prison
+14   

 2 months ago '18        #18
Sandyy  topics gone triple plat - Number 1 spot x7
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 NEVER99 said
U just sayin sh*t online to try n sound cool . If they “want” him do time that would mean he f*ghting a charge not sittin in prison
he was already sentenced he took a plea deal in Dec hoping they'd give him an early release due to covid and him having health problems (he 400 lb+) - but no dice so far
+18   

 2 months ago '07        #19
Love/Hater  topics gone triple plat - Number 1 spot x11
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Sad how people think shortcuts exist outside of your desktop.
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 2 months ago '18        #20
SFamilyRep  topics gone triple plat - Number 1 spot x4
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I wonder if his crack smoking addict of a son is gonna face any charges? n*gga is on camera and in pics smoking several 8 balls.
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 2 months ago '09        #21
messy marv stan  topics gone triple plat - Number 1 spot x89
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 Swisha2k11 said
Y'all still don't think all governments are nothing but extensions of the ruling-class (versus the working-class)?

I wonder if they're still investigating those big banks from 2008?


no senior executives or ceos went to jail for the 2008 fiasco

i think uncle sam claimed the banking mafia was allegedly "too big to fail" and gave it $700 in corporate welfare
+13   

 2 months ago '04        #22
xbossxplayax 
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ppl with no tomorrow thought they could finesse uncle sam n get away with it
+17   

 2 months ago '04        #23
skillahmang 
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+1   

 2 months ago '20        #24
GingerBreadMan  topics gone triple plat - Number 1 spot x23
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 The jinx said
Remember when biden said he wouldnt tax the poor and noone making under 400,000 would have to pay any more taxes ?
I thought dems were for the little people ?



@ im sure you dont mind paying more money so ukraine is safe and we dont have to read any mean tweets. @ @
70% of the money they are sending to ukraine isn't even going towards the war

this sh*t is one big money laundering scheme, brother
+22   

 2 months ago '21        #25
Imheretolaugh 
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 Love/Hater said



Sad how people think shortcuts exist outside of your desktop.
They do, just dont get caught. But more importantly dont do it in the first place.
+2   



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