United States: 5 business owners charged in federal loan scheme

Five small business owners are accused of fraudulently obtaining about $4 million in federal funds created to help businesses amid the pandemic, and using them for personal expenses.

The scheme began when four of the business owners submitted or helped submit loan applications that sought nearly $800,000 for each of their businesses under the Paycheck Protection Program, the U.S. Attorney’s Office for the Northern District of Georgia said in a news release Thursday.

Congress created the program to help smaller businesses and nonprofit groups — generally those with fewer than 500 employees — keep their workers on the payroll amidst the pandemic.

The original full article can be found at apnews.com

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