How An Arizona Man Used COVID To Swindle Millions

The COVID-19 pandemic was arguably the most defining event of the 21st century so far. Worldwide, we shut down, and had to find ways to enjoy life while locked indoors.

Economically, we were in a rut, and the government did their best to try to keep businesses afloat. Unfortunately, some bad actors took this for granted, but now they're the ones paying.

Paycheck Protection Program

One of the most useful resources for small business owners over the pandemic were Paycheck Protection Program loans (or PPP Loans). These helped struggling business owners keep up with their financial needs, such as payroll, inventory, and hiring.

With the widespread effects of the pandemic in 2020, many small businesses relied on these loans to keep their doors open, as customer traffic was likely to drop more than they could handle. The U.S. government authorized up to $659 Billion to be used for these loans, but it's hard to keep track of where that money is going.

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The Scam

This all started in April of 2020, when Arizonan Roy Lane put in an application with the United States Small Business Administration, claiming to own several companies in Tucson, one that claimed to employ 17 and brought in over half a million dollars of revenue annually. After that, about a year later, he applied for a PPP loan.

Through that, he made out with $300,000 in pandemic relief funds and $590,000 from the IRS, using stolen names and identities. He was caught and is now facing an $857,000 fine and four years in prison.

[U.S. Department of Treasury][KTAR]