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Started By
Message
MN borrowers took out 7900 PPP fraudulent loans totalling $400M. Now suspended forever
Posted on 1/2/26 at 7:33 am
Posted on 1/2/26 at 7:33 am
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If tweet fails to load, click here. quote:
Over the last week, SBA has reviewed thousands of potentially fraudulent pandemic-era PPP and EIDL loans approved in Minnesota.
Today, our agency took action to suspend 6,900 Minnesota borrowers amid suspected fraudulent activity. In total, these borrowers were approved for 7,900 PPP and EIDL loans worth approximately $400M.
These individuals will be banned from all SBA loan programs, including disaster loans, going forward. We will also refer every case, where appropriate, to federal law enforcement for prosecution and repayment.
After years, the American people will finally begin to see the criminals who stole from law-abiding taxpayers held accountable - and this is just the first state.
I could have taken PPP loans, but I didn't for a few reasons. The biggest is that I didn't think extra future scrutiny was worth it, and my business survived without the loans. It was tough, but we shifted focus until normal business practice resumed. Maybe it was dumb of me, but I don't have to worry about Uncle Sam breathing down my neck today as a result.
quote:
IRS enforcement priorities include looking at large COVID-relief claims, including PPP forgiveness and Employee Retention Credits (ERCs), especially where fraud or misrepresentation may be suspected.
LINK
The crazy thing to me is seeing people I know who took out a PPP loan, even when they didn't need it, constantly on a soapbox about other fraudsters and welfare abuse.
I hope everyone who took out PPP loans when not needed has to pay it all back, even if they were already forgiven.
This post was edited on 1/2/26 at 7:59 am
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Posted on 1/2/26 at 7:41 am to stout
quote:
The crazy thing to me is seeing people I know who took out a PPP loan, even when they didn't need it, constantly on a soapbox about other fraudsters and welfare abuse.
Doesn't mean they were abusing it baw. Perhaps they "needed" it. Keep in mind those local/state/fed restrictions were hamstringing commerce through no action of their own.
Posted on 1/2/26 at 7:42 am to idlewatcher
quote:
Perhaps they "needed" it.
Yea, Tahoes for their wives and toy haulers aren't cheap
Posted on 1/2/26 at 7:47 am to stout
quote:
I could have taken PPP loans, but I didn't for a few reasons. The biggest is that I didn't think extra future scrutiny was worth it, and my business survived without the loans. It was tough, but we shifted focus until normal business practice resumed. Maybe it was dumb of me, but I don't have to worry about Uncle Sam breathing down my neck today as a result.
If you used it appropriately like paying your employees, you also got a tax break on the employees you kept during that period and didn’t have to pay the loan back.
It was worth it to use it as intended.
Posted on 1/2/26 at 7:49 am to stout
quote:
The crazy thing to me is seeing people I know who took out a PPP loan, even when they didn't need it, constantly on a soapbox about other fraudsters and welfare abuse.
I hope everyone who took out PPP loans when not needed has to pay it all back, even if they were already forgiven.
A LOT of people have been prosecuted for this and it's clear that it's not over, although the SOL may be running out on many.
So many people scammed PPP
Posted on 1/2/26 at 7:50 am to stout
It's great that they suspended them. She didn't say a single word about getting the money back.
This post was edited on 1/2/26 at 7:52 am
Posted on 1/2/26 at 7:52 am to stout
I was on the board of a legit non-profit organization during this time. The amount of government money being just handed out was staggering. I’m sure a big percentage of that was fraudulent. People have no idea just how much damage the Covid foolishness did to our country.
Posted on 1/2/26 at 7:53 am to dgnx6
I had 72 people working at that time, but only had 4 people on W-2s. Most people who work for me are 1099 and usually have their own LLC or DBA. Dealing with the scrutiny for the next decade over the salaries of 4 people didn't seem worth it at the time.
As I said, maybe it was a mistake on my end, but I was also dealing with the fallout from two hurricanes and living in hotels for a few months. Just a hectic year overall, so I navigated the best I could.
As I said, maybe it was a mistake on my end, but I was also dealing with the fallout from two hurricanes and living in hotels for a few months. Just a hectic year overall, so I navigated the best I could.
This post was edited on 1/2/26 at 7:54 am
Posted on 1/2/26 at 7:56 am to SlowFlowPro
quote:
So many people scammed PPP
I remember Camping World was so short of inventory that they put out ads saying "your camper will never be worth more than it is right now. Sell it to us"
Some of the people I spoke of in the OP literally used PPP funds to buy a Tahoe and Toy Hauler and still had the loan forgiven. They weren't the only ones.
Posted on 1/2/26 at 7:57 am to stout
quote:
Yea, Tahoes for their wives and toy haulers aren't cheap
Seems like the Ferrari guys are the one's you read about getting busted. Regardless, PPP was a perfect opportunity for fraud with next to zero oversight. Banks were in a rush to "lend" the money as well.
A good friend of mine has a husband with a plumbing company. He's more or less a lazy POS. Although this is unrelated to your OP, he took one of the GC's to the local Chevy dealer and bought the dude's wife a new Tahoe *wink wink nudge nudge*
All so he could win a bid. Shady stuff abound.
Posted on 1/2/26 at 7:59 am to SlowFlowPro
quote:
Too many people scammed PPP
FIFY
Government needs to claw back every penny found to be fraudulent to include houses, cars, jewelry, etc...
Posted on 1/2/26 at 8:21 am to idlewatcher
quote:
The crazy thing to me is seeing people I know who took out a PPP loan, even when they didn't need it, constantly on a soapbox about other fraudsters and welfare abuse.
This comedy also happens in the SNAP community when a woman who has readily available grocery and housing funds due to being a 'single mom' of 4 constantly talks shite about people who are struggling to pay bills -- with their only their own money to rely on.
Posted on 1/2/26 at 9:56 am to stout
quote:
Some of the people I spoke of in the OP literally used PPP funds to buy a Tahoe and Toy Hauler and still had the loan forgiven. They weren't the only ones.
If you read the various indictments, it's a common pattern.
Lambos were particularly popular.
Posted on 1/2/26 at 10:09 am to stout
quote:
I hope everyone who took out PPP loans when not needed has to pay it all back
I was against the PPP, but using a government program as intended - even if that government program should not exist - is not the same as fraud.
How many people use TOPS when they can afford to pay tuition themselves?
Posted on 1/2/26 at 10:15 am to dalefla
quote:
Government needs to claw back every penny found to be fraudulent to include houses, cars, jewelry, etc...
gonna be damn near impossible. The legislation was poorly crafted and a lot of the UI fraud didnt even come from within this country, which shouldnt have ever happened since normal UI has prevention mecahnisms in place.
I was an investigator for Labor in 2020 to April 2021, I had several individuals who was pulling PEUC from as many as 7 states simultaneously.
quote:
The pandemic unemployment programs were designed to provide temporary and partial wage replacement to workers who were involuntarily unemployed due to the COVID-19 pandemic. These programs included the Federal Pandemic Unemployment Compensation (FPUC), Pandemic Unemployment Assistance (PUA), and Pandemic Emergency Unemployment Compensation (PEUC). The FPUC provided a $300 per week supplement for all UI benefits for weeks of unemployment beginning on or after December 27, 2020. The PEUC provided a total of 49 additional weeks of federally financed UI benefits for individuals who exhausted state and federal UI benefits and were able to work, subject to COVID-19-related flexibilities. The PUA provided a total of 75 weeks of a temporary, federal UI program for individuals who were not otherwise eligible for UI benefits.
People who had never had a job literally could collect between 700-1k per week for up to a year and many did from more than one state.
This post was edited on 1/2/26 at 10:16 am
Posted on 1/2/26 at 1:27 pm to RogerTheShrubber
We've become a nation of degenerates. Everyone seems to be gaming the system to include many Veterans. Sad really. Judgement day will not be pleasant for those that have taken advantage of our foundational kindness. Not sure how these people look themselves in the mirror. Have to assume most don't.
Posted on 1/2/26 at 2:36 pm to stout
democrats are just plain thieves
Posted on 1/2/26 at 3:54 pm to tigersmanager
bump
Posted on 1/2/26 at 5:10 pm to stout
Somali also had its national debt forgiven. h/t DataRepublican
Posted on 1/2/26 at 6:28 pm to stout
When DOGE was announced I said the first place they should look for fraud was in the Covid-19 stimulus money giveaway. My guesstimate is 30-40% of Covid-19 stimulus was fraudulent......maybe more?
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