Page 34 - The Indian EYE 021921

NORTH AmERIcAN Newsline February 19, 2021 | The Indian Eye 34

lion in PPP loan proceeds by
fraudulently claiming to have
250 employees with an average
monthly payroll of approxi-
mately $1.2 million.
According to information
provided by the Texas Work-
force Commission stated there
are no records of employee
wages being paid in 2020 by Rai
or his purported business. Also,
the Texas Comptroller’s Office
of Public Accounts said that
Rai Family LLC reported no
revenues for the fourth quarter
of 2019 or the first quarter of
2020.
Other court documents in-
clude materials recovered from
Rai’s trash that include handwritten notes that indicate an invest- small businesses,” said Inspector General Jay N Lerner of the Fed-
ment strategy for the $3 million, which is the amount of money eral Deposit Insurance Corporation Office of Inspector General.
that he sought from the second lender. The CARES Act was enacted on March 29, 2020, to provide
Assistant Attorney General Brian A. Benczkowski of the Jus- emergency financial assistance to Americans suffering the eco-
tice Department’s Criminal Division said: “The department and nomic effects due to the Covid-19 pandemic. One of the sources
our law enforcement partners will remain vigilant in our efforts of relief provided by the Act is the authorization of forgivable
to protect critical CARES Act relief programs from fraud and loans to small businesses for job retention and certain other ex-
abuse.” penses, through the PPP. The PPP allows qualifying small-busi-
“When an individual cheats the Paycheck Protection Program nesses and other organizations to receive loans with a maturity of
out of money, it deprives hard-working Americans and deserving two years and an interest rate of 1%.

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