JURY CONVICTS 2 FOR PLAYING A ROLE IN “EXPANSIVE ONLINE FRAUD SCHEMES” INCLUDING ROMANCE SCAMS, COVID-19 FRAUD
According to a burglars’ complaint, Jolloff submitted fake and fraudulent loan programs for economic crisis loans and paycheck hedging program to the Small Business Administration in the spring of 2020, as a PPP-approved lender. That led the SBA and a PPP lender to approve and finance 11 catastrophic loans and six PPP loans, totaling about $2. 14 million, prosecutors said.
A couple in southwest Florida is accused of stealing more than $2 million in pandemic funds. (Fox News)
The Jolloffs then used the cash to buy 3 pontoons, Indiana real estate, home furnishings, kitchens for their homes, a 2020 Polaris application vehicle, jewelry and two dogs, investigators said. The couple also bought a furniture business in Indiana and a landscaping business in Florida, which had no connection to businesses for which the couple had obtained COVID relief funds, authorities said.
4 IN ARIZONA CONVICTED OF FRAUDULENTLY OBTAINING MILLIONS IN FEDERAL AID COVID-19
Online court records list the Jolloffs’ defense attorneys.
The paycheck hedging program amounts to billions of dollars in repayable small business loans for Americans suffering due to the COVID-19 pandemic. The cash will need to be used to pay employees, interest on loans, rent, and utilities. This is a component of the coronavirus relief program that have become federal law in 2020.
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The Economic Disaster Loan Program is designed to provide financial assistance to small businesses that revel in a transient loss of income. The Main Street Loan Program was designed to provide assistance to small and medium-sized businesses and their workers in the United States during the pandemic.