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Aug 7 - President Biden signs bill targeting PPP loan fraud


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

 
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 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 years ago '10        #2
Trilluminati GA 
Props total: 66453 66 K  Slaps total: 2576 2 K
n1ggas in trouble

+212   

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

 2 years ago '22        #4
SeanDon122  topics gone triple plat - Number 1 spot x2
Props total: 41630 41 K  Slaps total: 3239 3 K
Very intrigued to see who gets sniped and who doesn't
+53   

 2 years ago '21        #5
Swisha2k11  topics gone triple plat - Number 1 spot x8
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Y'all still don't think all governments are nothing but extensions of the ruling-cla$s (versus the working-class)?

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

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

 2 years ago '15        #6
Mal215  topics gone triple plat - Number 1 spot x1
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When he got the shades on he serious
+51   

 2 years ago '16        #7
kuul  topics gone triple plat - Number 1 spot x12
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Biden dont call no shots.
+13   

 2 years 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

ped0 Peter doesnt want anyone seeing how drugged up he is



+44   

 2 years 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
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+40   

 2 years ago '04        #10
jsmooth-117 
Props total: 46040 46 K  Slaps total: 4682 4 K
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 years ago '16        #11
NoLvstName  topics gone triple plat - Number 1 spot x35
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They forgave a huge amount of loans already tho
+18   

 2 years ago '16        #12
NEVER99  topics gone triple plat - Number 1 spot x2
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n1ggas gone hate him more now lol they regretting voting for him for sure
+39   

 2 years 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 sh1t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
emoji
+68   

 2 years ago '21        #14
The jinx  topics gone triple plat - Number 1 spot x8
Props total: 21693 21 K  Slaps total: 10395 10 K
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 years ago '05        #15
pnoi89  topics gone triple plat - Number 1 spot x14
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 NEVER99 said 🔗
n1ggas 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
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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
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Last edited by pnoi89; 08-07-2022 at 01:09 PM..
+44   

 2 years ago '05        #16
pnoi89  topics gone triple plat - Number 1 spot x14
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 Sandyy said 🔗
my neighbor from Detroit still in prison for this ppp sh1t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
emoji
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.
+30   

 2 years ago '16        #17
NEVER99  topics gone triple plat - Number 1 spot x2
Props total: 9143 9 K  Slaps total: 2551 2 K
 Sandyy said 🔗
my neighbor from Detroit still in prison for this ppp sh1t, he only stole like 8k and they want him to do 2.5 yrs. Bro got 6 kids
emoji
U just sayin sh1t online to try n sound cool . If they “want” him do time that would mean he fighting a charge not sittin in prison
+14   

 2 years ago '18        #18
Sandyy  topics gone triple plat - Number 1 spot x7
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 NEVER99 said 🔗
U just sayin sh1t online to try n sound cool . If they “want” him do time that would mean he fighting 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
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+18   

 2 years ago '07        #19
Ein Sof  topics gone triple plat - Number 1 spot x11
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🔗


Sad how people think shortcuts exist outside of your desktop.
+10   

 2 years 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? n1gga is on camera and in pics smoking several 8 balls.
+43   

 2 years ago '09        #21
messy marv stan  topics gone triple plat - Number 1 spot x106
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 Swisha2k11 said 🔗
Y'all still don't think all governments are nothing but extensions of the ruling-cla$s (versus the working-class)?

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

emoji

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 years ago '04        #22
xbossxplayax 
Props total: 46738 46 K  Slaps total: 7590 7 K
ppl with no tomorrow thought they could finesse uncle sam n get away with it
+17   

 2 years ago '04        #23
skillahmang 
Props total: 83446 83 K  Slaps total: 16017 16 K
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+1   

 2 years ago '20        #24
GingerBreadMan  topics gone triple plat - Number 1 spot x32
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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 sh1t is one big money laundering scheme, brother
emoji
+22   

 2 years 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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