HOUSTON – A Houston man has pled guilty to fraudulently obtaining $1.6 million in Paycheck Protection Program loans. It’s one of many cases of PPP fraud that left some business owners, who needed the money, out of luck.
“Looked like you’ve already gotten a loan. I said I haven’t. Said it looked like you’re on your second round to get a second loan. And I was like, Are you serious?” said business owner Sharae Young.
Young says she learned someone had taken out $40,000 in PPP loans in her name, preventing her from getting a loan for her wine and marketing businesses and charity organizations.
“A person like me that really needed the funds at the time, and couldn’t get the funds. I had to go take money from my savings,” said Young.
The U.S. Department of Justice says it has prosecuted more than 100 defendants for fraudulent PPP loans.
The DOJ says 30-year-old Lee Price, III of Houston has pled guilty to fraudulently obtaining $1.6 million in PPP loans, using the name of someone who died, and bought a Lamborghini Urus, a Ford F-350, and a Rolex with the…