A dual resident of New York and Florida has been changed with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP), according to prosecutors. Gregory J. Blotnick, 34, of New York City and West Palm Beach, is accused of fraudulently obtaining more than $3.8 million in federal COVID-19 PPP funds on the basis of eight falsified loan applications, the Department of Justice (DOJ) said in a May 6 release. The forgivable PPP loans, enacted as part of the CARES Act, were meant to help small businesses weather the impact of the pandemic recession. Prosecutors allege Blotnick laundered and misused the fraudulently obtained funds, including by placing more than $3 million in losing stock trades, even though he certified he would use the money only for business-related purposes. “Not only did Blotnick fraudulently obtain almost $4 million in relief funds reserved for those …