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.”
PPP loans to supposed farms flowed into shoreline front operations instead naturalnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalnews.com Daily Mail and Mail on Sunday newspapers.
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(Photo : Daniel Thomas/ Unsplash) Lending Platform Issues Hundreds of Paycheck Protection Program Loans to Fake Farms, Companies
Kabbage, an online lending company, sent 378 Paycheck Protection Program (PPP) loans totaling $7 million to fake companies, mostly farms. The Ocean County, New Jersey shoreline villages lined with vacation homes and ice cream parlors are a summertime getaway for crowds of city dwellers.
Online lending firm sends PPP Loans amounting to $7 million to bogus farms
Ritter Wheat Club and Deely Nuts, respectively a wheat farm and a tree nut farm, each received $20,833, the total amount eligible for sole proprietorships when the first round of the federal government s small business relief scheme came to an end last summer. Up the coast in Brielle, Tomato Cramber received $12,739, while Seaweed Bleiman in Manahawkin received $19,957.
$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 nancyonnorwalk.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nancyonnorwalk.com Daily Mail and Mail on Sunday newspapers.