The Payment Protection Program Loan List

The Treasury Department recently released the PPP loan list. This list includes companies with more than $150,000 in PPP loans. Three MLS teams took multimillion-dollar loans: Orlando City Soccer Holdings LLC, DC United Soccer LLC, and the Seattle Sounders. In addition, a major Chinese bank took a loan for $2 million. The list shows a growing problem with PPP loans. In an effort to combat this problem, the SBA has made recipient data publicly available.

5,000,000+ businesses on Payment Protection Program loan list

First-time PPP loans are available to most small businesses with fewer than 500 employees, as well as select types of businesses with less than one million. These include many 501(c) (3) nonprofits, veterans organizations, tribal business concerns, and self-employed workers. Housing cooperatives are also eligible for these loans, but publicly traded companies cannot. The list of eligible businesses changes regularly and is constantly updated.

According to a survey by the National Federation of Independent Business, 14% of small businesses surveyed said they planned to lay off workers when their PPP loan was up. Small businesses that have applied for these loans are eligible for up to $10 million, and the average loan amount was $107,000. Businesses can apply for forgiveness of their loans if they use the money to hire new workers. This program is expected to continue until the end of this month, so there’s still time to apply.

Fraud on Payment Protection Program loans is a white-collar crime

Several federal laws prohibit fraud with wire, radio, and television signals. In order to be a federal crime, fraudulent wire transmissions must involve interstate or foreign commerce and must involve false pretenses of money or property. PPP loans can fall under this category. Several Houston men have been prosecuted for misrepresenting their company’s payroll costs, and they could face further charges if they fail to disclose such information.

The FBI and Small Business Administration began investigating cases of fraudulent PPP loan claims shortly after the program was launched. While the Justice Department has pledged to aggressively pursue the cases of fraudsters, the agency has so far charged more than a dozen people. The investigation stemmed from the cases of two Rhode Island businessmen who applied for a combined half million dollars in PPP loans. In addition to the alleged crimes, the federal government also announced that four additional cases of PPP loan fraud are planned for May 2020.

SBA-fraud checks are now required

A fact sheet by the Biden administration issued on PPP fraud prevention and protection has been released. While the Small Business Administration initially resisted releasing the list, they have recently complied with the public’s demand. Since 2005, data security breaches have exposed over one billion personal records. The Internet is an easy place to buy personal information. Now, the SBA has added fraud checks and public records to the list.

The SBA has a list of people convicted of fraud. If you have received an SBA letter, you are probably a victim of identity theft. This letter, which is typically related to a Paycheck Protection Program or an Economic Injury Disaster Loan, may look like junk mail or a scam. But you may have been a victim of fraud and are now required to report the fraud to the SBA.

SBA has made recipient data publicly available

The SBA has made the recipient data for PPP loans public, but it has not yet released the names of loan recipients. While the SBA has not released the names of PPP loan recipients, they have published information on loans over $150,000. For PPP loans under $150,000, the SBA has withheld the names of recipients and instead released ranges. They also withheld the names of individuals receiving loans through the Economic Injury Disaster Loan program.

The SBA has made the recipient data for PPP loans public after a court ordered it to do so. The data includes the name of the business, the amount of the loan, the lender, the date the loan was approved, and demographic information about the business. If the business is more than $150,000, however, the recipient data will not include the business’s name or address. The SBA did not make the PPP loan recipient list available to the public until the plaintiff filed a federal lawsuit.

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