When the Payroll Protection Program was launched April 3, 2020 Congress designated $349 Billion in relief to businesses to keep payrolls going and the US economy. A second and third round of PPP, pushed the program totals to $780 billion in forgivable loans to fund 10.7 million applications. The program received a tremendous amount of applications all completing PPP loan applications to obtain the funds. Unfortunately, not all these loan applications were submitted with good intentions. As usual, fraudsters quickly figured out how to turn something that was designed to help people and turn it into profitable fraud enterprise. This presentation will review the basics of the PPP, the gaps that allowed fraudsters in, and how they committed several fraud schemes.
1 ACAMS Credit **Please note that ACAMS credit for this virtual event is available to members of the Chapter only.