The US Dept. of Justice recently closed the latest PPP fraud case, agreeing to a plea deal with a Liberian national.
In the $23 million fraud case involving monies illegally gained through the Paycheck Protection Program, Steven Jalloul, a 43-year-old tax consultant from the Dallas area, admitted to defrauding lenders to get more of the money.
The PPP loan was launched last year to keep small businesses afloat through the COVID pandemic. While it did benefit millions of businesses nationwide, it was vulnerable to fraud. And now it appears the government is finally catching up with some of those who bilked the system.
This plea deal comes soon after the first criminal sentence was handed down in another COVID loan fraud case.
For more on our top story, check out: Liberian National Pleads Guilty to $23 Million PPP Fraud
Small Business News – October 29, 2021
Here’s what else is happening for small business owners this week from our regular news roundup:
Current Food Shortages – What Your Business Will Have Trouble Getting Right Now
Food shortages and delays have been reported across the United States, pinned, in part, on rising consumer demand amid the easing of coronavirus restrictions. The supply chain issues the US economy is currently facing are not only impacting consumers, but they are taking their toll on small businesses.
Which States Have the Most and Least Amount of Cyber Crime?
Avoiding falling victim to cybercrime can be a daunting challenge for small business owners. Knowing the areas where cybercrime is less prevalent can be an invaluable step in averting being subjected to online crime.
Small Business Grant Opportunities for Women and Minority Entrepreneurs
Accessing capital has been historically difficult for women and minority business owners. One way these entrepreneurs have overcome this particular challenge is by applying and receiving grants from private and public entities. Look at what is currently available.
Is Using Slang OK in Business? New Survey Results May Be Surprising
Is using slang in a business environment acceptable or objectionable? To uncover thoughts about the use of slang in business, Preply, the online educational platform that pair students with tutors remotely, carried out some comprehensive research.
Business Warrior to Offer $5 Million in Small Business Loans
Business Warrior has announced it is offering $5 million to small business owners that are having a hard time getting loans from traditional banks. The company will provide loans from $5,000 to $50,000 without the exorbitant rates cash advance companies charge.
SBA Critiqued as Nonresponsive and Slow to Answer Questions
In separate letters, members of Congress wrote to Small Business Administration Administrator Isabella Guzman, saying the SBA response to questions from small business owners has been nonresponsive and slow. Last week, Representatives Patrick McHenry (R-NC) and Blaine Luetkemeyer (R-MO) forwarded letters to Guzman.
Facebook Launches New Tools for Small Business Ahead of 2021 Holiday Season
The holiday season is approaching, marking a vital time for small businesses. To help businesses make the most of a period where many retailers expect to make more than half their annual revenue, Facebook has launched a new set of tools.
Women Responded to Pandemic by Doing More Ecommerce Business
Women have responded to the pandemic and its unprecedented disruption by doing more eCommerce business. Research finds that eBay has been a primary driver in creating an environment for equitable entrepreneurship for women.
How to Pay Yourself as a Business Owner
Here’s the dilemma for business owners: the business is growing and you’d like to invest some of the profits back into it. But, you’ve been working long hours and need to earn money. Where’s the balance? As a business owner, how should you pay yourself? And how much? How do Small Business Owners Pay Themselves? Small owners have choices in how they pay themselves.
5 Pending Changes that Could Impact Year-End Small Business Tax Planning
Congress has been debating a number of big bills that contain tax changes. Some of the proposed changes are favorable; many are not. All of them may affect your bottom line. Final tax changes may not be known for weeks, and many won’t take effect until 2022. Nonetheless, pay attention now…year-end tax planning may be completely different this year than in prior years.
How to Edit a PDF
Portable Document Format (PDF) is one of the most popular mediums for sharing electronic information. It was designed by Adobe Systems in the early 90s to be the equivalent of digital paper, and PDF has since been used to share the content of many types. People rely on the PDF format because the files are smaller in size than their source documents and they preserve the original formatting.
Image: Depositphotos
This article, “In the News: $23 Million PPP Fraud Case Ends in Guilty Plea” was first published on Small Business Trends
