Rewards and relief packages were distributed throughout all of the United States during the epidemic to assist the hardworking Americans as well as the economic system financially. In addition, the Small Business Administration comes forth to disburse relief money that is guaranteed to companies that qualify within the CARES program, also known as Coronavirus Aid, Relief, and Economic Security.
The relief funds were targeted by some people and companies that allegedly took part in a fraud. Many people who hail from Ohio states have been caught lying about hiring people and owing companies to get an aid package.
The Ppp Fraud List of Ppp Fraud Ohio as well as other states listed below.
What is PPP Loan?
PPP, also known as Paycheck Protection Program is a billion-dollar business loan programme that was launched within the United States in 2020 under the Coronavirus Aid, Relief, and Economic Security Act. The program aims to assist entrepreneurs, sole proprietors and self-employed employees business, tribal companies, and non-profit organizations continue their business activities through the payment of their workers.
It permits businesses to obtain low-interest loans from private lenders to pay off their rents or payrolls, as well as to cover other costs of running a business. The amount of the loan is approximately 2.5 times the monthly average expense for payroll of the company. We will look at the list of companies that are involved in PPP fraud on loans.
The Updated Ohio Ppp Loan Frauds List
The Federal government maintains a watchful check on every applicant carefully to make sure there are no scams or frauds. But, fraudsters are becoming more sophisticated and are stealing documents to get a loan from the CARES Program. Here is the list of PPP loan frauds in Ohio.
- Deon Levy James Stote, Wyleia Williams Wyleia Williams, James Stote and Deon Levy Ross Charno – These are the fraudsters who were arrested as part of the PPP loan fraud in August of 2020. They were accused of conspiring to commit wire and bank fraud.
- Nadine Jackson – In June of 2020 she was accused of fraud and false statements. She was also charged with wire fraud, and her name was listed on the PPP Fraud list Ohio. The arrest was based on fake documents in order to obtain an PPP loan amounting to $2.5 million.
- Robert Bearden – He was accused of three charges of wire fraud as well as the theft of federal funds in the month of May 2021. He was accused of submitting fake application for the loan amount of $60000 from the PPP program under the CARES program.
Summary of PPP Loan in Ohio
It was determined that 1402 261 loans had been made available by themselves in Ohio which resulted in more than 18 808 jobs being retained. But, this number also includes those as on the Ppp Loan Frauds List.
Based on available data According to the available information, a loan of $ 754 087 921 is given out through the PPP program to businesses located in Ohio state. If you’re curious about the amount of loans made available in Ohio state, you can go to the official site for PPP directory.
PPP loan is available to business and individuals who have been severely affected by the pandemic that swept across the globe. It helps them cover expenses for operations and payroll of their employees. However, some fraudsters are attempting to commit frauds using the funds. The federal government is closely watching it and is highlighting fraudulent names on the Ppp Fraud List Ohio.
Do you know anyone who is associated with this PPP scam? Would you be willing to share the steps you’ve used to expose the fraud?