Usa India covid-19 reports vaccine Usa India

Indian-American engineer pleads guilty to charge of $10 mn covid relief fraud

Reading now: 771
www.livemint.com

Also Read | India speeds up vaccination driveAs part of his guilty plea, Rai admitted that he sought millions of dollars in forgivable loans guaranteed by the SBA from two different banks by claiming to have 250 employees earning wages when, in fact, no employees worked for his purported business.Rai made two fraudulent claims to two different lenders to seek loans guaranteed by the SBA for COVID-19 relief through the Paycheck Protection Program (PPP).In the application submitted to the first lender, Rai sought $10 million in PPP loan proceeds by fraudulently claiming to have 250 employees with an average monthly payroll of $4 million.In the second application, Rai sought approximately $3 million in PPP loan proceeds by fraudulently.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News