Justice Information In April and May 2020, Edwards sent applications for thousands of bucks of PPP loans with three institutions that are financial.

Justice Information In April and May 2020, Edwards sent applications for thousands of bucks of PPP loans with three institutions that are financial.

INFORMATION LAUNCH OVERVIEW

NORTH PARK – Nikole L. Edwards – the creator of personal Savvy Marketing – pleaded today that is guilty making false statements towards the small company management. In court, Edwards admitted to publishing tax that is fake and payroll information so that you can secure that loan underneath the Paycheck Protection Program (“PPP”).

The Coronavirus Aid, Relief, and Economic protection (“CARES”) Act authorized the little company management to ensure a huge selection of huge amounts of bucks in forgivable loans to businesses that are small pay workers through the PPP. In order to have a PPP loan, a qualifying company needs to offer its typical month-to-month payroll costs and wide range of workers, along side supporting documents. These figures are acclimatized to determine the money the business that is small entitled to get beneath the PPP. A business’s PPP application for the loan is gotten and prepared, into the instance that is first by way of a participating standard bank, then sent towards the small company management to evaluate the applicant’s eligibility.

in her own applications, Edwards falsely reported that personal Savvy Marketing employed two people who attained yearly salaries of $75,000 and $50,000. The truth is, personal Savvy advertising didn’t have workers.

Edwards additionally offered false details and Social safety figures on her purported workers.

To help support her claims that are false Edwards presented fake W-2s.

After an agent from a single institution that is financial Edwards that Social Savvy advertising could perhaps perhaps not get a PPP loan, Edwards lied and stated: “This is really a lifeline for my workers and my company so we won’t survive without one.” Despite devoid of any employees, Edwards eventually succeeded in finding a $19,583 PPP loan. As an element of her plea contract, Edwards is needed to repay the whole $19,583 loan.

“The PPP is made to assist businesses that are struggling genuine payroll responsibilities, never to enrich single proprietors participating in outright fraudulence,” said U.S. Attorney Robert Brewer. “We are working faithfully with this police force partners to research and prosecute those that abuse this lifeline that is critical the nation’s organizations, employees and economy.”

“The Paycheck Protection Program had been built to offer relief that is dire business people and workers putting up with through the pandemic,” said Suzanne Turner, Special Agent responsible for the FBI north park Field workplace. “The FBI will not tolerate whoever steals federal government funds meant to assist People in the us who will be struggling economically and it is focused on tackling fraud that is COVID-related on with this police partners.”

Edwards is scheduled to seem for sentencing before U.S. District Judge Gonzalo Curiel

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The CARES Act is a law that is federal on March 29, 2020, made to offer crisis monetary assist with the an incredible number of People in the us that are enduring the economic impacts caused b. One supply of relief supplied by the CARES Act ended up being the authorization all the way to $349 billion in forgivable loans to small enterprises for task retention and particular other costs, through the PPP. In April 2020, Congress authorized over $300 billion in extra PPP financing.

The PPP enables qualifying small enterprises and other businesses to get loans with a readiness of couple of years and mortgage loan of just one %. PPP loan profits is employed by businesses on payroll expenses, interest on mortgages, lease, and resources. The PPP enables the attention and principal to be totally forgiven in the event that company spends the mortgage profits on these cost items in just a period that is designated of after getting the profits and makes use of a lot of the PPP loan proceeds on payroll costs.

DEFENDANT: Case Number 20-CR-2637-GPC

Nikole L. Edwards Age: 40 Hillcrest, Ca

SUMMARY OF COSTS

False Statements towards the Small Business Administration – Title 15, U.S.C., part 645

Optimum penalty: 24 months’ imprisonment and $5,000 fine

Federal Bureau of Research

Business Management, Workplace of Inspector General

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