$7M in PPP Loans Went to Fake Businesses Mostly Registered As Farms Across US: Study
On 5/24/21 at 12:15 PM EDT
An investigative report from
ProPublica this week shows bogus businesses with names like Ritter Wheat Club and Deely Nuts obtained the $20,833 maximum amount available for sole proprietorships. In New Jersey, the address listed in PPP loan filings for a fake cattle ranch, Beefy King, is actually the home address for Long Beach Township Mayor Joe Mancini. Numerous business owners brought complaints to the publication after they received loans through the Kabbage online lending platform, which prompted the
ProPublica investigation.
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Hundreds of PPP loans went to fake farms in absurd places
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Hundreds of PPP loans went to fake farms in absurd places
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Hundreds of PPP Loans Went to Fake Farms in Absurd Places
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An online lending platform called Kabbage sent 378 pandemic loans worth $7 million to fake companies (mostly farms) with names like “Deely Nuts” and “Beefy King.” The shoreline communities of Ocean County, New Jersey, are a summertime getaway for throngs of urbanites, lined with vacation homes and ice cream parlors. Not exactly pastoral which is odd, considering dozens of Paycheck Protection Program loans to supposed farms that flowed into the beach towns last year. As the first round of the federal government’s relief program for small businesses wound down last summer, “Ritter Wheat Club” and “Deely Nuts,” ostensibly a wheat farm and a tree nut farm, each got $20,833, the maximum amount available for sole proprietorships. “Tomato Cramber,” up the coast in Brielle, got $12,739, while “Seaweed Bleiman” in Manahawkin got $19,957.