A Florida man has been charged with fraudulently obtaining $2.1 million in COVID-19 relief loans under the Paycheck Protection Program (PPP), the Department of Justice announced on Dec. 29. Valesky Barosy, 27, of Ft. Lauderdale appeared in federal magistrate court last week. Prosecutors claim that he submitted fraudulent loan applications on behalf of himself and his accomplices seeking more than $4.2 million in PPP loans. The Paycheck Protection Program is a federal program aimed at helping small businesses survive the COVID-19 pandemic. It was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 29, 2020. Under the program, Congress authorized up to $349 billion in forgivable loans to small businesses that faced unprecedented economic disruption due to the pandemic. The loans provided an incentive for small companies to keep their employees on the payroll and allowed them to pay for other expenses such as interest on mortgages, rent, and utilities. In April 2020, Congress authorized over …
Florida Man Accused of Obtaining $2.1 Million in COVID-19 Relief Loans Fraudulent Scheme
January 4, 2022
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