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PPP Fails and Abuses

Howdy this is David Groce, your Texas Tax and Law Man. As we get back in gear for the fall, I wanted to pick-up our Corona Relief Conversation with a little humor. Reading these cases makes me feel like I’m watching Dumb and Dumber when they get the suitcase full of money and plan to return it with all good intentions. Instead they just go nuts. The old adage says that truth is stranger than fiction. In these cases of PPP fraud and abuse, that is certainly true. Based on that Dumb and Dumber clip, it looks like life is imitating art. In our first case from Florida, the Feds indicted a man in Miami Federal Court for obtaining $3.9 million in PPP loans and then using that money to buy a Lamborghini. He must have thought he was Crockett and Tubbs from Miami Vice. Then we had the guy in California that was indicted for obtaining $8M in PPP loans for a variety of companies, using falsified payroll tax reports and felonious financials. This genius took the money and invested in the stock market. But the best part was his trip to Las Vegas as high-roller where he dropped hundreds of thousands of dollars gambling and living large. The third case involves a fellow with a fraudulent wedding business in Murphy Texas, he applied for $3 million and finally received $1.9 million in loans. He was supposed to pay employees and rent. It turns out he had no employees and used the money to pad his investment portfolio, pay down his mortgage, and invest in his retirement. You can read more about all 3 stories using the links below. I share these cases with you to give extreme examples of how we can blow it big time and wreck our lives. I am humbled to say that the dozens of clients we helped with PPP all had real employees, real payrolls, and were able to use the money to keep people employed and fulfill the purpose of the law. Sadly, there will always be people who think they can game the system. But there is always a day when the money comes due, especially if you’re as bright as Harry and Lloyd: Hey until next time, Adios. https://www.justice.gov/usao-cdca/pr/... https://www.justice.gov/opa/pr/florid... https://www.justice.gov/opa/pr/texas-... About Groce Law Firm, Ltd.: Groce Law Firm, Ltd. is a local, Hurst law firm with nearly 25 years of business law, tax prep and planning experienced. Our law firm is different. We know the ins and outs of the legal side of your business, and the tax side of your business. We help small business owners maximize their wealth, minimize taxes, and protect their assets and loved ones. Please visit our website for more information on our legal and tax services, and to read our happy client reviews: www.grocelaw.com Call for a FREE Consultation: At Groce Law Firm, Ltd., we work closely with you to preserve your business, and protect your legal rights. Everyone needs help, especially with the big decisions. Let us help you with yours. Request your FREE consultation by calling: 817-284-4747.