The government is catching up with PPP Fraudsters. Last week, the government sentenced a man in Texas to 31 months in prison for illegally applying for a $3.3M PPP loan.
According to court documents, this man, who runs a wedding planning business, claimed to have hundreds of employees. However, the only employees in the company were him and his wife. A PPP lender gave him $1.5 M. He used the money to pay off his mortgage and buy two Teslas and a Mercedes.
While the PPP program is over, many borrowers are in the hunt for $2M EIDL loans. I encourage everyone to follow the rules carefully.