Anonymous
Anonymous asked in Business & FinanceSmall Business · 4 weeks ago

If someone files for the SBA covid disaster loan but they are not a business owner and they get money, what will happen?

Update:

It wasn’t me and what are the chances of them even getting caught

6 Answers

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  • 3 weeks ago

    Very high.

    But not in the same sense many people would think.

    To every crime there is a punishment. 

  • John
    Lv 7
    4 weeks ago

    I got PUA legitimately through unemployment. The loan program is PPP. That goes through a bank and the process is analyzed just like any other loan. Surely some people have gotten through fraudulently. I doubt a meaningful percentage have. I looked into THAT too but I did't want to go into debt - and I didn't want to go through the detailed application process. 

    PPP is a loan and must be repaid, anyway. If you use the money to pay business expenses and especially employee wages then it can be forgiven. But those things must be documented in detail.

  • Isabel
    Lv 4
    4 weeks ago

    I think that’s fraud.

  • 4 weeks ago

    I don't know what you mean "not a business"?  Independent contractors which are a business but some people don't know that are eligible.Like people who do uber, doordash, etc are all eligible. 

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  • 4 weeks ago

    It's fraud,  they will be held legally responsible. 

  • Eva
    Lv 7
    4 weeks ago

    They have to submit paperwork and tax returns when they apply to prove they have a business. They wouldn't get the loan otherwise.

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