Lenders advised of steps to prevent fraud in PPP loans
Written by Kylea Henseler on March 16, 2021
The Cares Act pumped billions into the economy through the Paycheck Protection Program, but the accessibility of these loans left them vulnerable to fraud, and lenders can take certain steps to prevent this behavior by would-be borrowers.
The $300 billion-plus program, said former Secret Service Agent Bryant Moravek, director of AML & sanctions compliance for Kaufman Rossin, kept business doors open and employees at work – and allowed some individuals to purchase expensive cars and jewelry. And now, a second round is underway.
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