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Two weeks ago, the IRS handed down guidance indicating that business expenses paid using PPP loans cant be used as deductions for tax purposes. As EPA continues to move toward identifying PFAS as Hazardous Is an OSHA Workplace Violence Standard for the Healthcare Industry on Yellen Calls on World Bank to Take Decisive Action on Climate Change, To Volunteer or Not: The Role of Community Association Board Members. to fraudulently obtain the loan money. Two of the companies, Symbiont Retailers and Horizon Enterprises, were not in good standing before the Paycheck Protection Program began. The Small Business Administration distributed 5.8 million advance grants worth $20 billion last year (despite the name, these are not loans that have to be repaid). The program provided those loans to 146,000 state businesses, an average of just under $35,000 per business. In addition to automated checks against existing government databases, lenders could have conducted online searches or called businesses neighboring a loan applicant to help establish whether the company seeking the loan is real or is the size it claims to be. The Justice Department brought civil claims against the company under both the False Claims Act and Financial Institutions Reform, Recovery and Enforcement Act. See the data: SBA names recipients, loan values of EIDL program In another case, a Virginia resident obtained over $2.5 million from the Paycheck Protection Program and used the funds to buy not only a luxury car but a private plane. One case involves Dinesh Sah, a Dallas-area man, who obtained $17.3 million after having sought a $24.8 million loan. The data . The charges followed the guilty pleas of five other individuals involved in the alleged scam. The DOJ has pursued charges against large companies that received multi-million-dollar PPP loans, and it has pursued charges against individuals accused of obtaining six-figure PPP loans to finance lavish personal expenses. SBA reveals full list of recipients of PPP loans Search. Although the PPP was intended as a short-term relief program and many businesses have already exhausted their SBA-backed funds, the DOJ is continuing to target loan recipients suspected of fraud. Seven Charged in Fraud Ring (South Carolina - September 10) . About the EIDL Loan Search. Contact the PPP Loan Fraud Defense Lawyers at Oberheiden P.C. You can search the SBA's entire PPP loan data below. However, this data accounts for only a quarter of all loans made through the program. Paycheck Protection Program data released by Small Business