A Houston man who was the head of a multimillion-dollar COVID-19 relief fraud ring and six of his co-conspirators were sentenced for fraudulently obtaining more than $20 million in forgivable Paycheck Protection Program loans that the Small Business Administration guaranteed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the United States Department of Justice announced Tuesday.

Prosperity Bank has agreed to pay $18,673.50 to resolve allegations it improperly processed a Paycheck Protection Program (PPP) loan on behalf of an ineligible customer, the U.S. Attorney’s Office announced Tuesday.

Asian stock markets are mixed on 2022′s first trading day after Wall Street ended last year with a double-digit gain.

A Harris County man was arrested Tuesday, accused of fraudulently acquiring more than $3.3 million in funds through the government’s coronavirus pandemic Paycheck Protection Program.

The Houston man accused of going on a shopping spree after receiving more than $1.6 million from the Small Business Association’s Paycheck Protection Program has been sentenced to 110 months in prison, the U.S. Justice Department announced Monday.

HOUSTON – A Texas bar owner is accused of fraudulently receiving federal COVID-19 aid. The government said Johnson secured $123,500 in Payroll Protection Program (PPP) funds as part of the CARES Act. According to the indictment, Johnson owned and operated KJR Entertainment Holdings LLC in conjunction with others from January 2020 through July 2020. KJR Entertainment also runs Southerns, a bar and live music venue in Bryan, Texas. The indictment also alleges Johnson was ineligible for the COVID-19 aid due to the pending indictment in a separate case.

(AP Photo/Evan Vucci)WASHINGTON – President Joe Biden announced changes Monday to target more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color. Biden says a lot of these mom and pop businesses “got muscled out of the way” by larger businesses seeking federal money in the early days of the pandemic. "America’s small businesses are hurting, hurting badly and they need help now,” Biden said. Under the pandemic-era Paycheck Protection Program, the administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.

HOUSTON – If you are a small business owner or you know someone who is, tell them about the Texas governor’s webinar Wednesday to give an update on recovery resources through the Small Business Administration like the Paycheck Protection Program. They will answer questions live during the online session today from 1 to 2 p.m.You don’t have to pay to participate, but you do need to register online because there is a maximum capacity of 10,000 attendees. What: Governor’s Small Business Webinar Series: Information on the New Round of PPP FundingWhen: January 27, 2021, 1-2 p.m.Where: Online WebinarAbout the Event:The Governor’s Small Business Team will host a webinar for Texas small business owners to provide an update on recovery resources through the U.S. Small Business Administration (SBA), specifically the Paycheck Protection Program (PPP). Our panel of experts will include senior executives from the SBA and Small Business Development Centers. They will explain the recent changes and provide up-to-date advice on the new round of PPP funding, loan forgiveness, the Economic Injury Disaster Loan (EIDL) and other important resources.

HOUSTON – The Federal Trade Commission is warning small business owners about the latest COVID-19 scam. With a new round of Payroll Protection Program loans now available, scammers are impersonating Small Business Administration employees, calling owners to trick them into giving up information. The FTC says real lenders will never call you and solicit you for a loan you haven’t even applied for. The feds say these are likely phishing attempts from criminals who could illegally apply for loans using your information. You should also never fill out loan applications online from lenders you don’t know to be legitimate.

HOUSTON – Michael Caplan, who owns the Cavo Coffee, said he was on the verge of making a very difficult decision earlier this year -- whether to close his business. “There’s no doubt the Paycheck Protection Program saved my business,” Caplan said. Part of the new COVID-19 relief package recently passed by Congress sets aside money for another round of PPP loans, which are expected to roll out in the next few weeks. The program allows business owners to apply for a loan equal to two-and-a-half times their average monthly payroll costs. “I think it’s very important to realize that people who’ve already gotten PPP loans, they’ll be able to get another PPP loan,” said Jerry Tarnopol, a small business loan expert at Community Bank of Texas.

HOUSTON – A Texas man has been charged with federal bank fraud and making false statements to a financial institution in the Southern District of Florida. Investigators said Uzoamaka Leonard Ohaebosim, 46, lied about his movie company’s payroll expenses and obtained $1.2 million in Paycheck Protection Program funds. The PPP program was designed for qualifying small businesses and other organizations to receive loans from the federal government to help with job retention and certain other expenses. A number of Americans have been caught trying to defraud the PPP program. While another Texan man is facing serious charges after fraudulently seeking $ million in COVID-19 relief funds.

The money was part of the emergency COVID-19 relief program through the Small Business Administration, a program designed to help struggling small businesses pay their employees and stay afloat during the pandemic. Jerry Tarnopol, an SBA Loan Specialist at Community Bank, said with a program this big, fraud was a possible likelihood. “It saddens me that it happened, but you’ve got to expect it’s going to happen with such a big program. Price now faces federal charges of making false statements to a financial institution, wire fraud, bank fraud, and engaging in prohibited monetary transactions. He’s not the only one Federal Prosecutors have charged with crimes related to the SBA’s PPP program.

Small businesses are in limbo again as the coronavirus outbreak rages and the governments $659 billion relief program draws to a close. Congress is debating further help for small business as part of a broader coronavirus relief package. For example, the 50% requirement will leave out many small businesses, says Sean Kennedy, an executive vice president at the industry group National Restaurant Association. With the economy struggling, Koleas business is still down, and having spent all his loan money, hes hoping for a second loan. Krigman laid off staffers and rehired them when she got a PPP loan, but that money has been spent.

A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a Lamborghini sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. The complaint alleges that Hines sought approximately $13.5 million in PPP loans through applications to an insured financial institution on behalf of different companies. The complaint alleges that Hines caused to be submitted fraudulent loan applications that made numerous false and misleading statements about the companies respective payroll expenses. Businesses must use PPP loan proceeds for payroll costs, interest on mortgages, rent and utilities.

The PPP offered loans up to $10 million to companies with fewer than 500 employees. The most appealing aspect of the program: possible loan forgiveness if most of the money was spent on workers. But when the loans were first proposed, lawmakers described them as a rescue for small businesses and their employees. Treasury Secretary Steven Mnuchin soon said the government would audit loans above $2 million, though some experts have their doubts. Aliera Companies, a private equity firm specializing in healthcare, got a $5 million to $10 million loan.

However, none of the four major North American sports leagues the NFL, NBA, NHL and Major League Baseball were among the businesses that applied, according to the data. The data showed businesses that applied for and received loans, though some may not ultimately have taken the funds. An AP survey completed in May found 32 U.S. Olympic sports organizations about 70% of all federations had applied for PPP loans. With their seasons shut down, more than a dozen minor league baseball teams turned up on the PPP rolls. The Big South Conference, Conference USA, Southland Conference and Big Sky Conference all listed less than two dozen full-time employees, according to the data.

(The data shows only ranges for the amounts of approved loans.) The PPP loans can be forgiven if employers use most of the money to keep their workers on the payroll. The Girl ScoutsMore than 30 Girl Scout chapters across the country received PPP loans, the Treasury said. Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between $5 million and $10 million in loans from the program. Though the PPP program was designed to help small businesses, big hotel and restaurant chains were also allowed to apply.

In the months ahead, Main Street loans may prove a valuable resource for firms that were in sound financial condition prior to the pandemic, Powell said. Companies with up to 15,000 employees or $5 billion in revenue are eligible for Main Street. The Fed has said it will purchase up to $600 billion in Main Street loans from banks. Main Street loans currently have a rate slightly above 3%. Haith, meanwhile, said the interest rate on a Main Street loan is much lower than he would typically expect to pay, even in a healthy economy.