PPP Fraud Grows As Businesses’ Calls For Help Go Unanswered

Last week, more and more Paycheck Protection Program (PPP) fraud accusations came to light across the country — from a Virginia man using his $2.5 million loan to purchase an airplane to a Texan buying five luxury vehicles.  

As PPP fraudsters show no signs of slowing down, mom-and-pop shops, especially in communities of color, are worried about their businesses surviving the winter without a new stimulus bill. Meanwhile, new reporting from the Washington Post reveals that Sun Country — an airline with connections to Amazon and Apollo Global Management — received a $45 million government bailout.  


PPP FRAUD ROUNDUP   

Fox Business | Paycheck Protection Program fraud accusations continue to grow 

CBS 11 | I-Team: Millions In PPP Money Went To Bogus Texas Companies With Little Vetting 

Star Tribune | Virginia man charged with fraudulently obtaining $2.5 million from government to buy airplane, luxury car 

News Channel 6 | U.S. Attorney’s Office announces COVID-19 relief fraud prosecutions 

Fox 2 Detroit | Feds say metro Detroit pizza CEO committed fraud with Paycheck Protection Program 

Orlando Business Journal | YouFit received a substantial PPP loan — now it’s in bankruptcy court 


BAILOUTS FLOOD THE WEALTHY AND WELL-CONNECTED AS SMALL BUSINESSES SHUTTER AWAITING MORE RELIEF   

NBC News | Beloved businesses are going bankrupt waiting for federal help. It will get worse 

“But then the Covid-19 pandemic hit, shuttering the store for two months last spring. When Andrews-Lewis reopened, a loan from the Paycheck Protection Program — part of the emergency relief bill passed by Congress in March and signed into law by President Donald Trump — covered only a brief stretch of her daughter’s salary.” 

Law.com | As Many Small and Midsize Businesses Struggle, Where Are the Main Street Loans? 

NBC4 Washington | Black-Owned Businesses in DC Struggle for Funding During Pandemic 

Forbes | The Impact Of Covid-19 On Black And Latino Small Businesses 

@RepKatiePorter | “In March, Congress gave billions in COVID relief to the  

@federalreserve to help struggling businesses. The Fed pledged these taxpayer dollars would *not* bail out Wall Street banks. They went back on their word—to the tune of 2 billion dollars. So I’m calling them out. (THREAD)” [View Twitter Thread]   

Washington Post | Treasury emergency aid loan goes to airline backed by Amazon and Apollo, showing the government’s long reach