Posts filtered by tags: PPP[x]


 

Here's how much the world's wealthiest, middle class, and poorest make in a year

The financial gap between the rich and the poor remain large, the 2022 World Inequality Report finds.Yulia Reznikov The 2022 Word Inequality Report says the richest own more than 75% of global wealth. The poorest own 2%. Over the past two decades, the income gap between the top 10% and bottom 50% has nearly doubled. The income gap varies between countries, and typically depends on policy choices by governments.  In 2021, the average adult worldwide makes $23,380 and owns $102,600 in net worth...
Tags: China, US, Trends, Thomas Piketty, PPP, United States Russia, Gabriel Zucman, Yulia Reznikov, Jason Lalljee, Lucas Chancel Thomas Piketty Emmanuel Saez


Everything's Changed In It's Always Sunny In Philadelphia, Yet The Gang Remains The Same

What's up, jabronis? Season 15 of "It's Always Sunny in Philadelphia" is finally here, making it the longest-running live-action comedy series in television history. The series has always been a bit self-referential, but the upcoming season looks like it will be the most introspective yet. While "the gang," comprised of Mac (Rob McElhenney), Dennis (Glenn Howerton), Charlie (Charlie Day), Dee (Kaitlin Olson), and Frank (Danny DeVito) never learn anything and the only kind of self-growth they've ...
Tags: Reviews, Television, Movies, Mac, Karen, United States, Ireland, New York Times, Philadelphia, People Magazine, Hulu, Samuel Beckett, PPP, Rudy Giuliani, Kanye, Philadelphia Phillies


Fintechs helped Black-owned small businesses get access to PPP loans during the pandemic more than banks did. It's weird.

JJ Gouin/Getty Images The Paycheck Protection Program was a lifeline for businesses during the pandemic. But it seems not every small business could easily turn to a bank to get the funds they needed. A working paper finds many Black-owned firms turned to fintechs to get a PPP loan, not banks. For Black small businesses to secure the federal funds they needed to survive the pandemic, they disproportionately turned to financial technology lenders.It shows how for PPP lending, fintech's aut...
Tags: America, Trends, The New York Times, Citibank, Naacp, The Washington Post, PPP, Fintech, Black, Kabbage, The Associated Press, Owens, Howell, Neel Kashkari, Federal Reserve Bank of Minneapolis, New York University s Stern School of Business


PPP loan fraud: Texas man Lee Price III, who bought Lamborghini with $1.6 million PPP loan, sentenced to 9 years

After receiving the money, the Houston businessman used the money on a Lamborghini Urus, a Ford F-350 truck, a Rolex watch and to pay off a loan on a residential property. #fordf350 #lamborghini #ppp #rolex #lamborghiniurus
Tags: Texas, Ford, Houston, PPP, Lee Price III


He faked PPP loan applications, got the money, then spent it on a Lamborghini and Rolex. Now he's serving nine years in prison

A Houston man was sentenced to nine years in prison for using money he got from Covid-19 relief funds to buy cars, a watch and a pay off a home loan, the Justice Department announced.
Tags: Cnn, Houston, PPP, Justice Department


A Texas man was sentenced to nine years in prison for using PPP loans on a Lamborghini and Rolex

A Houston man was sentenced to nine years in prison for using money he got from Covid-19 relief funds to buy cars, a watch and a pay off a home loan, the Justice Department announced.
Tags: Texas, News, Stories, Houston, PPP, Justice Department


Texas Man Gets More Than 9 Years in PPP Loan Fraud Scheme

According to court documents, Lee Price III, 30, of Houston, Texas is the latest man to get sentenced in a Paycheck Protection Program (PPP) fraud case. And with hundreds of criminals under indictment by the Department of Justice (DOJ), he won’t be the last. Texas Man Sentenced to 9 Years in PPP Loan Fraud Scheme According to the DOJ, Price was given a 110-month sentence in a scheme designed to get and launder proceeds by defrauding the PPP. Price pleaded guilty in September to charges of wir...
Tags: Texas, Sales, Ford, Doj, PPP, Larry, Houston Texas, Department of Justice DOJ, U S Postal Inspection Service, Small Business News, District of Arizona U S, Paycheck Protection Program PPP, Lee Price III, PPP Loan Fraud Scheme, PPP Loan Fraud Scheme According, PPP Price


GDP represents the sum total of a nation's output and income

GDP is most commonly discussed in terms of its growth or contraction.AndreyPopov/Getty Gross domestic product is the total value of goods and services produced in a country over a period of time. There are various ways to calculate GDP and different types of GDP that look at different factors. GDP is used to track economic expansion or contraction but lacks some important nuance. Visit Insider's Investing Reference library for more stories. Gross domestic product (GDP) is a measurement of...
Tags: Greece, US, Trends, Social Security, Federal Reserve, PPP, Imf, Fed, BEA, Pendergast, Melanie Lockert, Jim Pendergast, US Bureau of Economic Analysis BEA, Southern Bank Company, USThe International Monetary Fund IMF, Global Financial Stability Reports Quick


Texas man who got $1.6 M in PPP loans, bought Lamborghini is sentenced to 9 years

A Texas man who fraudulently got $1.6 million in coronavirus relief loans and then spent some of it on a Lamborghini was sentenced to more than nine years in #lamborghini #ppp
Tags: Texas, PPP, Lamborghini


In the News: Grants Between $1k and $10K Available For Small Businesses

Although the days of large PPP loans and forgiveness are over, for now, there are small business grants across the country taking place year-round. The latest business grant news reveals offers from Dove Chocolate for women entrepreneurs as well as a Los Angeles Job Creators Quest Grant, South Dakota FAST Launch Grants, Avon Lake Small Business COVID-19, and others. The benefit of these types of grants is they help businesses and entrepreneurs in a given category or segment. This not only ident...
Tags: US, Sales, Los Angeles, South Dakota, PPP, Jingle Bells, SBA, Small Business News, Paycheck Protection Program PPP, Apple Introduces Business Essentials Apple


Congress widens PPP fraud probe to more online financial companies

Two financial startups emerged as major players in Payroll Protection Program lending. Now Congress suspects fraud.       [Author: USA TODAY]
Tags: Usa, News, Congress, Usa Today, PPP, Payroll Protection Program


$3.5 billion worth of cryptocurrencies seized by IRS CI in fiscal 2021

Photo by RODNAE Productions from Pexels I know, it seems like it's all crypto all the time of late here at the ol' blog. But that's because that's what's happening right now in the tax world. There is, of course, the new tax reporting rules for digital assets, including cryptocurrency, that are part of the just-enacted transportation law. One of the reasons lawmakers approved the closer look by the Internal Revenue Service at digital transactions is because law enforcement officers have f...
Tags: Silk Road, Texas, Taxes, Microsoft, Crypto, John Le Carre, PPP, Irs, Lee, Jim Lee, Internal Revenue Service, Al Capone, CI, IRS Criminal Investigation CI, Cyber Crime Unit CCU


Dallas man already jailed for tax fraud, pleads guilty to new PPP criminal charges

One of my favorite Lyle Lovett songs is "What Do You Do/The Glory of Love," where the Houston singer-songwriter shares the vocal spotlight with the incomparable Francine Reed. The lyric that initially caught my ear and makes me chuckle every time I hear it goes, "If you make all that money man, make damn sure it shows." That's a great exchange in a duet, but such showiness raised suspicions about a Dallas-area accountant accused of defrauding the COVID-19 Paycheck Protection Program (PPP). PPP...
Tags: Texas, Taxes, California, Dallas, Houston, PPP, Irs, Lyle, Dallas Fort Worth, Garland Texas, Federal Correctional Institution, Lyle Lovett, Francine, Northern District of Texas, Francine Reed, COVID


White House demands Republicans 'do their job' and stop 'obstructing' confirmation vote for Biden's highest-ranking Muslim nominee

Dilawar Syed is nominated to be the deputy administrator of the Small Business Administration. Sipa USA via Reuters The White House called on Senate Republicans to move a Biden nominee's confirmation forward. Republicans have held up the Biden nominee, Dilawar Syed, for various reasons. If confirmed, Syed would become the highest-ranking official who is Muslim in the Biden administration. The White House on Tuesday urged Senate Republicans to advance President Joe Biden's nominee t...
Tags: Politics, News, Small Business, Obama, Republicans, Congress, California, Senate, White House, Israel, Trends, Joe Biden, Gop, Muslim, Biden, Donald Trump


In the News: Gas Price Hikes Will Hurt Small Business

The price for a gallon of gas continues to rise in the US, with some forecasts suggesting they haven’t peaked. As the price at the pump continues to go up, it has an effect on nearly everyone’s wallet, including those of small business owners across the country. Check out how the rising gas prices in the US will impact small businesses in more than one way, both directly and indirectly. The top story in this week’s news roundup focuses not only on forecasts for gas prices in the US but also how...
Tags: US, Sales, Louisiana, PPP, Irs, McDonald, SBA, Small Business Administration SBA, Small Business News, National Veterans Small Business Week, Paycheck Protection Program PPP, Economic Injury Disaster Loan EIDL Program, US Small Business News November, PPP Loan Fraud Charges A, Etsy Sellers Avoiding Supply Chain Shortages, Small Business Owners Filing


'Shameful, unacceptable, and ridiculous:' Senate Republicans just blocked Biden's highest-ranking Muslim nominee for the 4th time

Republican Sen. Josh Hawley of Missouri and Dilawar Syed, President Joe Biden's nominee for deputy administrator of the Small Business Administration. Tom Williams and Eric Risberg/AP Photos For the 4th time, Republicans boycotted a hearing for Biden's highest-ranking nominee who is Muslim. Republicans have accused Dilawar Syed of anti-Semitism, a charge that leading Jewish groups have refuted. Advocacy groups and Senate Democrats are decrying the blockade as "bigoted" and "persona...
Tags: Politics, Senate, Israel, Trends, Joe Biden, Gop, Missouri, Idaho, Muslim, Republican, Biden, Islamophobia, PPP, Rubio, Democratic, Bds


Louisiana Man Indicted on $1.1 Million PPP Loan Fraud Charges

  A man from Louisiana has been with fraudulently obtaining more than $1.1 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans. The indictment states that 56-year-old Michael Ansezell Tolliver of Louisiana submitted nine fraudulent PPP and EIDL Program loan application on behalf of a number of businesses that Tolliver purportedly owned. The companies include Tolliver Oil & Gas Corporation of Louisiana Inc. and Tolliver Petroleum Corporation of L...
Tags: US, Sales, New Jersey, Louisiana, US District Court, PPP, SBA, Western District, Tolliver, Lowenstein Sandler, Small Business News, Paycheck Protection Program PPP, EIDL Program, Economic Injury Disaster Loan EIDL Program, Michael Ansezell Tolliver, Tolliver Oil Gas Corporation of Louisiana Inc


In the News: $23 Million PPP Fraud Case Ends in Guilty Plea

  The US Dept. of Justice recently closed the latest PPP fraud case, agreeing to a plea deal with a Liberian national. In the $23 million fraud case involving monies illegally gained through the Paycheck Protection Program, Steven Jalloul, a 43-year-old tax consultant from the Dallas area, admitted to defrauding lenders to get more of the money. The PPP loan was launched last year to keep small businesses afloat through the COVID pandemic. While it did benefit millions of businesses nationwide,...
Tags: Facebook, Congress, Ebay, US, Sales, United States, Dallas, PPP, Guzman, Small Business Administration, Patrick McHenry, SBA, US Dept of Justice, Blaine Luetkemeyer R Mo, Small Business News, Guilty Plea


Liberian National Pleads Guilty to $23 Million PPP Fraud

The (DOJ) announced a Liberian national plead guilty to $23 million in COVID-19 relief fraud. This announcement comes a couple of weeks after the first COVID small business loan fraud sentencing was delivered in Rhode Island. In that case, David Staveley received a 56-month sentence in federal prison followed by three years of federal supervised release. Liberian National Pleads Guilty to PPP Fraud According to the DOJ, Steven Jalloul, a 43-year-old tax consultant from the Dallas area, admi...
Tags: Sales, Dallas, Doj, PPP, Rhode Island, Justice Department, Meacham, Small Business News, Northern District of Texas, COVID, David Staveley, Jalloul, Steven Jalloul, PPP Fraud According, Royalty Tax Financial Services LLC, PPP Fraud Sentencing


Dallas man already jailed for tax fraud, pleads guilty to new PPP criminal charges

One of my favorite Lyle Lovett songs is "What Do You Do/The Glory of Love," where the Houston singer-songwriter shares the vocal spotlight with the incomparable Francine Reed. The lyric that initially caught my ear and makes me chuckle every time I hear it goes, "If you make all that money man, make damn sure it shows." That's a great exchange in a duet, but such showiness raised suspicions about a Dallas-area accountant accused of defrauding the COVID-19 Paycheck Protection Program (PPP). PPP...
Tags: Autos, Coronavirus COVID-19, Music, Tax crimes, Tax Fraud, Tax preparers, Taxes, Coronavirus, COVID-19, Flashy Cars, Guilty Plea, Justice Department, Paycheck Protection Program, PPP, PPP fraud, Tax


Understanding fiscal policy: The use of government spending and taxation to manage the economy

The Federal Reserve is not involved in determining fiscal policy decisions - that’s done by Congress and the Administration. Hill Street Studio/Getty Fiscal policy describes how a government uses taxation and spending to influence the economy. Fiscal policies can be neutral, expansionary, or contractionary depending on the goal. Changing fiscal policy could affect interest rates, inflation, employment, and your investments. Visit Insider's Investing Reference library for more stories....
Tags: Congress, US, Trends, Economy, Federal Reserve, Biden, PPP, Fed, Tarp, Flanagan, BLACKWELL, Fiscal Policy, Kevin Flanagan, WisdomTree, TCJA, Paycheck Protection Program PPP


In the News: $4.5 Billion in Wrongful EIDL Small Business Grants Awarded

Announcing the SBA Gave Out $4.5 Billion in Needless EIDL Loans in 2020 to sole proprietors and independent contractors that didn’t have it coming is pouring more salt on the wound for many small business owners. According to the Office of Inspector General, 15 sole proprietors claimed to have had 1,000,000 employees without an Employer Identification Numbers (EIN). Forty other applicants claimed to have had more than 100,000 employees. The impact to small business owners was the over disbursem...
Tags: US, Sales, PPP, U S District Court, SBA, Office of Inspector General, Small Business News, EIDL, Park Place Payments, Office of the District of Rhode Island, David Adler Staveley, Employer Identification Numbers EIN Forty, Mary S McElroy, Digital Payment Financial


Here’s What to Do If You Are Denied PPP Loan Forgiveness?

If you were denied for all or part of the money on your PPP loan forgiveness application, your appeal must be timely. You have 30 days to appeal. The clock starts when you receive written notification from the Small Business Administration (SBA). What to Do If You’re Denied PPP Loan Forgiveness This is an important element of the 30-day time frame. It’s NOT 30 days from the time your lender received the notification. It’s 30 days from when YOU received the notification. In other words, if you...
Tags: Sales, Washington Dc, PPP, Irs, Small Business Administration, SBA, OHA, Small Business Administration SBA, Federal District Court, Small Business News, Paycheck Protection Program, SBA Office of Hearings


Half The PPP Loan Money For Culture Went To Only 228 Institutions. They Still Laid Off A Quarter Of Their Workers.

The purpose of the Paycheck Protection Program was to let businesses hobbled by the pandemic retain their employees. An AFSCME study found that, out of 7,500 eligible cultural institutions, 228 large ones got $771 million, half the total — and let go of 28% of their staff. – Hyperallergic
Tags: Art, Featured, PPP, Issues, AFSCME, Paycheck Protection Program


First COVID Small Business Loan Fraudster Gets Sentenced

The U.S. Attorney’s Office of the District of Rhode Island has managed to prosecute and sentence the first person charged for fraudulently applying for and receiving COVID relief business loans. David Adler Staveley was sentenced to 56 months in federal prison by U.S. District Court Judge Mary S. McElroy. Staveley will follow the sentence with 3 years of federal supervised release. Fraudster Gets Sentenced According to the U.S. Department of Justice, David Staveley from Massachusetts, along w...
Tags: Massachusetts, Berlin, Sales, Doj, PPP, Rhode Island, Bay, ALPHARETTA, Staveley, United States Marshals Service, Trax, Warwick RI, Small Business News, David Butziger, Butziger, Office of the District of Rhode Island


#Dubai announces PPP projects worth nearly $7 bln | Reuters

Dubai announces PPP projects worth nearly $7 bln | Reuters The government of Dubai on Sunday announced a diversified portfolio of public-private partnership (PPP) projects worth more than 25 billion dirhams ($6.81 billion).The investments, announced at a PPP conference held in the regional tourism and business hub, include seven urban development projects worth 22.58 billion dirhams, 14 road and transport projects worth 2.39 billion dirhams and eight projects in health and safety at 526 millio...
Tags: Travel, Dubai, PPP, Reuters, Rupert Neil Bumfrey


In the News: $10 Billion in Shuttered Venue Grant Money Goes to Almost 12,000 Businesses

With close to 12,000 businesses receiving $10 billion through the Shuttered Venue Operators Grant (SVOG) program, the Small Business Administration (SBA) is hoping they can continue operating as more people go out to enjoy themselves. In this week’s roundup, the Nearly 12,000 Businesses Got $10 Billion in Shuttered Venue Grant Money article looks at the importance of helping keep venues up and running to local economies. From live and movie theaters to concert halls and weddings, these companie...
Tags: Amazon, Microsoft, Sales, Godaddy, Biden, PPP, Irs, Shopify, Small Business Administration, SBA, Small Business Administration SBA, Small Business News, EIDL, Paycheck Protection Program PPP, Isabella Casillas Guzman, Amazon Signals the Beginning of Black


Do You Need an Audit Done on Your COVID SBA Loan?

Do you need to have an audit done on your Covid-related SBA loan? That depends on whether you got a PPP or EIDL loan. If you got a Paycheck Protection Program (PPP) loan from the Small Business Administration, the answer is no. The PPP loans are from the SBA, administered through a lender. The onus is on the lender to determine whether or not you spent the money correctly. Do You Need an Audit on Your COVID Small Business Loan? But if you got an EIDL (Economic Impact Disaster Loan) the answer...
Tags: Sales, PPP, Small Business Administration, US Office of Management and Budget, SBA, AICPA, Small Business News, EIDL, Paycheck Protection Program PPP


United States: PPP Loans: Overview Of Prior Guidance - Morrison & Foerster LLP

The Paycheck Protection Program ("PPP") began with rushed legislation and a race for financial support in the middle of a pandemic.
Tags: News, United States, PPP, Morrison, Foerster LLP


In the News: Major Product Shortages on the Horizon

According to Fox Business, Retail Expert Expects Major Product Shortages Soon. This is part of the continuing supply chain disruptions since the COVID-19 pandemic started. And this has resulted in different industries facing more supply chain issues. From chicken to toilet paper, it has now moved to paint. Sherwin Williams says the suppliers responsible for providing the products they need to make paint are lagging behind. In this case, it is not only COVID-19 but also Hurricane Ida. The supply...
Tags: Etsy, Sales, San Francisco, United States, Horizon, PPP, Lendingtree, U S Department of Defense, U S Navy, Sherwin Williams, Small Business News, Naval Facilities Engineering Systems Command, United States Hispanic Chamber of Commerce Google, NAVFAC, Small Business News October, HighSpeedInternet US Navy