The post talks about the Ppp Loan Investigation List and elaborates on the program.
Are you wondering what PPP loans are? In lieu of the Coronavirus Pandemic program, the Federal government started to help businesses and other entities apply for low-interest loans. Thinking what is the news surrounding it that has caught the curiosity of people across the United States?
However, it has recently been in the news considering a scam surrounding the same. Thus, in this article, we have elaborated on the Ppp Loan Investigation List and brought you complete information about the same.
Read the entire article till the end to gain a complete grasp of the topic.
What is PPP?
Before we head on to enlisting the investigation list, it is necessary to be well abreast with the background of Ppp Loan. So, what exactly is Ppp Loan, and what does it stand for?
In the coming sections, we will be providing complete insight into PPP and why it was started.
PPP stands for Paycheck Protection Program, which was established by the federal government of the United States. The government has released the Ppp Loan Investigation List. Furthermore, the $953 billion worth of business loan program started under the CARES Act, i.e., Coronavirus Aid, Relief, and Economic Security Act.
Why was PPP started?
The PPP or Paycheck Protection Program enables entities like businesses, proprietors, self-employed workers, and nonprofit organizations to pay their workers. The program allows the entities to apply for private loans with low-interest rates to meet certain expenses and not affect the payroll.
The total amount of the loan is equivalent to 2.5 times the average monthly cost of payroll incurred by the applicant. So, now let’s look at the investigation list.
What is Ppp Loan Investigation List?
The investigation list keeps a tab and tracks the federal criminal cases involving PPP loans, the CARES Act program, and EIDL grants. In the below section, we will give a gist of cases caught as fraud during the investigation. So, let us look at a few:
- Hunter VanPelt: She was proven guilty and charged for submitting fraudulent loan applications. She submitted them to her six other companies to seek $8 million as COVID 19 relief funds.
- Trevor Lanius-McLeod, Kasey Wilson: submitted a fraudulent loan application for $1 million through COVID 19 funds.
Other names in the Ppp Loan Investigation List include Peter Peacock Blood, Tranesha Quarterman, Katrina Lawson, Alicia Quarterman, Nikia Wakefield, Robert Benlevi, among many others.
The Final Conclusion
The list covers the names who tried to seek private loans at low-interest rates. Herein, they were charged for submitting fraudulent application forms. Furthermore, they were investigated for fraud and later on, being proven guilty, were either sentenced or penalized.
The PPP loans have proven to be a lucrative mode for businesses and other proprietor entities by helping them manage the payroll. This was about the Ppp Loan Investigation List. Read here more about the Paycheck Protection Program.
What is your opinion about the CARES Act? Do share your thoughts about the same in the comments box below.
Also Read : – Report Ppp Loan Frauds (Sep) How To Report PPP Fraud?