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It wasn t the smartest plan. Here s What You Need To Remember: If there is a moral to this story, it seems to be that, while egregious abuse of federal small business loans – often referred to as Paycheck Protection Program, or PPP – has been a sadly common occurrence, it is not consequence-free. Instead, it has often resulted in capture and prosecution. Last week, David Staveley, 53, of Andover, Massachusetts, pleaded guilty to charges of conspiracy and failure to appear in court – as part of a plea deal that involved dropping five other charges, including bank fraud, identity theft, and making false statements to federal officials. ....
Monday is the first day that businesses affected by the coronavirus pandemic can apply for the new round of stimulus loans known as the Paycheck Protection Program.In the first stimulus package in the spring of 2020, the Paycheck Protection Program gave out hundreds of billions of dollars in loans to help keep businesses open.Congress included funding for the second version of the program when it passed the latest stimulus package last month. Changes were also made after there was criticism for the first rollout.Businesses that can applyStarting Monday, Jan. 11, businesses that have not received any Paycheck Protection Program loans can apply for one. Businesses must apply through community financial institutions, which work to help low-income, minority and disadvantaged customers. On Wednesday, Jan. 13, businesses that already received funding can apply for more. Those businesses must also go through community financial institutions.It’s not clear when the Paycheck Protect ....