MIAMI – Pan African Interchange LLC and Stanley Damas have agreed to pay $21,583.31 to resolve False Claims Act allegations arising from their false certifications that Pan African Interchange LLC would not receive more than one Paycheck Protection Program (PPP) loan prior to December 31, 2020, announced U.S. Attorney Juan Antonio Gonzalez.
The Coronavirus Aid, Relief and Economic Security (CARES) Act authorized the issuance of PPP loans to eligible small businesses struggling to pay employees and other business expenses during the pandemic. Under the PPP, in 2020, eligible businesses could obtain one SBA guaranteed PPP loan. Businesses were required to spend loan proceeds for employee compensation, rent or mortgage, and other specified expenses and, depending on their use of the loan proceeds, could qualify for loan forgiveness up to the full amount of the loan if certain requirements were met.
The SBA delegated authority to third-party lenders to underwrite and approve the PPP loans. To obtain a PPP loan, a qualifying business (through its authorized representative) signed and submitted a PPP loan application online through the lender’s application platform. The PPP loan application required the business (through its authorized representative) to acknowledge the PPP program rules and make certain affirmative certifications in order to be eligible to obtain the loan. Borrowers were required to certify as true and accurate that the applicant had not and would not receive...
News The Jewellers Association of Australia (JAA) has corrected the false claims it made about its financial affairs in a statement published on 31 March. These false claims were first documented b...