Fraudsters potentially stole more than $280 billion COVID-19 relief funding; another $123 billion was wasted or misspent. Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in EDIL loans, PPP loan and other COVID relief aid.
A Massachusetts man who admitted to lying on his application for federal coronavirus business aid will spend time in prison for using some of the money to pay his mortgage.
A Marblehead man and woman are accused of submitting fraudulent loan applications for religious charitable organizations they control.
The U.S. Small Business Association is coming under fire from its own inspector general for not collecting on smaller Paycheck Protection Program loans that were in default due to the costs involved.
A former Revere business owner has agreed to plead guilty to filing fraudulent applications to obtain a $2.5 million Paycheck Protection Program loan.
A Wenham man and a Brockton man have separately agreed to plead guilty to schemes to fraudulently obtain Paycheck Protection Program loans.
A Massachusetts man has agreed to plead guilty to fraudulently obtaining about $1.2 million in federal loans intended to help businesses struggling because of the COVID-19 pandemic.
A Stoughton man who lied on his application for federal coronavirus business stimulus funds and then used some of the $400,000 he received to pay his mortgage has pleaded guilty to wire fraud, federal prosecutors said.
A former Revere resident who owned a painting company has been arrested and charged with allegedly filing a fraudulent application to obtain a $2.5 million Paycheck Protection Program loan.
While lenders began 2021 anticipating some interest rate increases this year, the changing rate environment in recent weeks has added another challenge to commercial real estate lending.
Small businesses that have been buffeted by the pandemic, inflation and shipping woes have another challenge to add to their plate: taxes.
A major academic study contends the program cost far too much per job saved, and mostly benefited the affluent.
A Hull man was sentenced to two years in prison for submitting fraudulent documentation to receive pandemic-related U.S. Small Business Administration loans.
A Stoughton man pleaded guilty last week to fraudulently obtaining more than $220,000 in Paycheck Protection Program loans from several financial institutions.
Small businesses appreciated how their bank handled Paycheck Protection Program applications and forgiveness, according to a recent J.D. Power survey, but the pandemic continues to affect the finances of more than a quarter of small businesses.
The U.S. Small Business Administration has received more than 340,000 submissions to its Paycheck Protection Program forgiveness portal since launching the tool two weeks ago for borrowers with PPP loans of $150,000 or less.
More than a year after the start of the pandemic saw banks and their customers confronting the unknowns of a public health crisis and a recession, the latest quarterly earnings results for Massachusetts-based banks continue to point to an improving outlook.
The U.S. Small Business Administration will launch a portal next week that will let borrowers with Paycheck Protection Program loans of $150,000 or less apply for forgiveness directly through the SBA.
Loan income from the Paycheck Protection Program helped drive Enterprise Bank’s earnings up more than 50 percent compared to the same quarter last year.
The Federal Reserve Board has extended its Paycheck Protection Program Liquidity Facility for an additional month, saying in a statement on Friday that this would be the facility’s final extension.
