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Complete Story
05/08/2020
FEDS START CRACKDOWN ON PPP FRAUD
Restaurant Business
A New England restaurateur and his business associate have been arrested by federal authorities for allegedly trying to cheat the Paycheck Protection Program (PPP) out of more than $540,000 in forgivable loans.
The pair told program representatives that they were seeking the funds to pay dozens of employees at four ongoing small businesses, three of which were restaurants. According to the U.S. Department of Justice, two of the restaurants had closed before the COVID-19 pandemic began, and the third was owned by other parties.
Collectively, the two men did not have a single employee.
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