A Texas man will reportedly be facing more than nine years behind bars for a fraudulent Paycheck Protection Program (PPP) loan application filed, CBS News reports. To help small businesses stay afloat amidst the pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) offered PPP funds until May to remediate the financial turmoil many entrepreneurs faced. According to authorities, 30-year-old Lee Price III applied to two different financial institutions to obtain $1.6 million in funding, KHOU11 reports. In September, Price pleaded guilty to wire fraud and money laundering. Prices’ plan was carried out by falsely representing the number of employees and payroll expenses of three businesses, CBS News reports. O ne of the applications claimed a small business had 50 employees with a monthly salary of $375,000. After further investigation from authorities, it was revealed the business had neither employees nor payroll or any evidence that the individuals had been hired.
Nov 30, 2021