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The Paycheck Protection Program ( PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations ...
The Texas investigation is significant, Richards said, because the PPP program required lenders, even those that like Kabbage were not banks, to establish robust anti-money laundering and customer ...
Kabbage separately sued one of the two banks it partnered with, Customers Bank, over $65 million in PPP fees Kabbage says that Customers Bank owes it. Kabbage agreed to drop the suit, but the two ...
Three individuals, Teldrin Foster, John Gaines, and Carla Jackson, were recently sentenced for their roles in a scheme to steal Paycheck Protection Program (PPP) funds during the COVID-19 pandemic.
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [1] In many instances, bank fraud is a criminal offence. While the specific elements of particular banking ...
A public–private partnership ( PPP, 3P, or P3) is a long-term arrangement between a government and private sector institutions. [ 1][ 2] Typically, it involves private capital financing government projects and services up-front, and then drawing revenues from taxpayers and/or users for profit over the course of the PPP contract. [ 3]
The scam using doll faces to create false IDs made up a small part of the estimated $80bn in fraud connected to the Paycheck Protection Program (PPP), according to The Messenger.
Theft or bribery concerning programs receiving federal funds (sometimes referred to as program fraud or program bribery) is a federal crime under 18 U.S.C. § 666. The purpose of this statute is protect the integrity of the vast sums of money distributed through federal programs. The section is designed to facilitate the prosecution of persons ...