MA's company NYIC also fraudulently represented that it was representing New York State in procuring COVID-19 test kits and personal protective equipment to respond to the COVID-19 pandemic.
IRS-CI Special Agent in Charge Jonathan D. Larsen said: "As many American businesses are struggling to survive during these difficult times, it is alleged that Mr. Ma sought to steal millions of dollars in loans intended to assist legitimate businesses. Make no mistake about it, IRS-CI is committed to investigating and bringing to justice those individuals who defraud coronavirus relief programs."
One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses through the SBA's PPP. Pursuant to the CARES Act, the amount of PPP funds a business is eligible to receive is determined by the number of employees employed by the business and their average payroll costs.
Businesses applying for a PPP loan must provide documentation to confirm that they have previously paid employees the compensation represented in the loan application.
The CARES Act also expanded the separate EIDL Program, which provides small businesses with low-interest loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing due to COVID-19.
From at least in or about March 2020 through at least on or about May 15, 2020, MA applied to the SBA and at least five banks for a total of over $20 million in Government-guaranteed loans for the his companies NYIC and Hurley through the SBA's PPP and EIDL Program.
In the course of these loan applications, MA also misrepresented that he was a United States citizen, when he is a Chinese national with lawful permanent resident status in the United States.
https://www.justice.gov/usao-sdny/pr/chinese-national-arrested-20-million-scheme-fraudulently-obtain-loans-intended-help
IRS-CI Special Agent in Charge Jonathan D. Larsen said: "As many American businesses are struggling to survive during these difficult times, it is alleged that Mr. Ma sought to steal millions of dollars in loans intended to assist legitimate businesses. Make no mistake about it, IRS-CI is committed to investigating and bringing to justice those individuals who defraud coronavirus relief programs."
One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses through the SBA's PPP. Pursuant to the CARES Act, the amount of PPP funds a business is eligible to receive is determined by the number of employees employed by the business and their average payroll costs.
Businesses applying for a PPP loan must provide documentation to confirm that they have previously paid employees the compensation represented in the loan application.
The CARES Act also expanded the separate EIDL Program, which provides small businesses with low-interest loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing due to COVID-19.
From at least in or about March 2020 through at least on or about May 15, 2020, MA applied to the SBA and at least five banks for a total of over $20 million in Government-guaranteed loans for the his companies NYIC and Hurley through the SBA's PPP and EIDL Program.
In the course of these loan applications, MA also misrepresented that he was a United States citizen, when he is a Chinese national with lawful permanent resident status in the United States.
https://www.justice.gov/usao-sdny/pr/chinese-national-arrested-20-million-scheme-fraudulently-obtain-loans-intended-help
No comments:
Post a Comment