Atlanta-based LYFE Accounting, which specializes in small businesses, calls PPP loan fraud “out of control,” saying it hurts actual businesses struggling to stay afloat. In a video, the firm recaps high-profile cases of fraud (including that of Pastor Brooks) and lists “common PPP loan fraud triggers.” These include making false statements on an application, requesting multiple loans from multiple lenders (“loan stacking”), and using funds for unapproved purposes.
“We’re not sure why people are not taking the government seriously,” LYFE notes. “Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as payroll taxes and previously filed business returns.”
In its statement about the Frank Jacobs case in North Carolina, the DOJ says it remains “vigilant in detecting, investigating, and prosecuting wrongdoing related to the COVID-19 pandemic.” People who are aware of fraud or who think they’ve been victimized can call the National Center for Disaster Fraud Hotline at 1-866-720-5721.
