well tonight president biden says that he wants to crack down on those
taking billions in fraudulent ppp loans two defendants are currently facing charges of
allegedly taking 1.7 million dollars fraudulently in ppp loans well today mobile resident tiffany
milner pleading guilty to wire fraud and business administration fraud she admitted
to falsely claiming income of more than 91 thousand dollars baker treated the paycheck
protection program kind of like a personal piggy bank he created his own fake business
whoa the white house and president biden are cracking down hard on ppp loan fraud and anyone
else who abused small business relief funding because earlier this month a new law was passed
that gives prosecutors 10 years to investigate and charge anyone who misused the paycheck
protection program or ppp loans or the economic injury disaster loans or edi loans 10 years to
investigate and president biden isn't playing any games stating that the american people deserve to
know their tax dollars are being spent as intended and my message to those cheats is that you
can't hide we're going to find you and we're going to make you pay back the money you stole so yeah
they're serious in fact after the announcement some people have already started to plead guilty
like a lady in mobile alabama who admits to stealing 91 thousand dollars for a side catering
and decorating business and the business was legit but she admitted that she actually didn't earn
that much and she overstated her revenue and now she could end up facing 8 to 14 months in
prison but if this is her first time offense she could get lucky with just some community service
and parole now two questions for you number one do you feel bad about these people who are getting
arrested and number two why do you think the white house and the irs are starting to crack down now
i'm really curious what the world thinks so tell me down in the comment section below now before
i give you my personal thoughts let me briefly introduce myself hey there i'm sean with life
accounting the accounting company that helps you save on taxes and build more wealth hey if you get
any value from this video please do me a favor and click the like button for the youtube algorithm
because i already know there's definitely going to be people who are upset when they hear this news
so your support would greatly be appreciated also if you've been watching me for a while i want you
to know that i have a new personal youtube channel where i talk strictly about business so if you
want more videos specifically for me make sure you check out my new channel down in the description
below all right let's get into my personal thoughts about all of this so of course inflation
in the united states has been out of control with food gas and housing expenses blowing up in fact
the sba published a report stating that there's an estimated 78.1 billion dollars in fraudulent
loans and grants that were issued to ineligible entities and this looks really really bad on the
current administration so they have to slow down inflation if they want to get re-elected
well if you're going to do that then you need to start sucking money out of the economy right
that means taking back all of this free money that you allowed just about anyone with a good
enough story to get access to because not only are they going after people who committed ppp fraud
or edil loan fraud but they're also increasing the amount of irs audits in order to okay recover
money from people who did not correctly file their taxes in fact some people warned that the
irs wants to hire 87 000 new agents in order to audit more people that kind of sounds like good
news because we know there's been massive tax refund delays but also bad news because well who
wants to get audited right anyway the point is now is not the time to be playing around with the irs
and all these loan programs for example another woman who actually worked as a correction officer
at a u.s penitentiary has recently been charged with ppp fraud of nearly forty thousand dollars
for a business she completely made up you would think a corrections officer who deals
with criminals every day would have enough sense to not commit fraud this just goes to show you how
easily people thought they could get away with the free money the government was printing so
do i feel bad well not really because there were many legit small business owners who went
completely out of business when the economy shut down it was a scary moment for a lot of
entrepreneurs i personally saw a slowdown in both of my companies and we were one of those companies
who legitimately and desperately needed the ppp loan and i remember there were two rounds where
you could get funding and i believe they split it up into two week increments okay the first round
blew by fast and they ran out of funding within like one week and i don't think my application
even got looked at and i actually started getting nervous about if we could get the funding and i
remember almost every day i was calling the lender to ask hey has anyone reviewed my application yet
no well can you at least give me a status update and almost every time they couldn't give me any
more information but once we changed lenders thankfully we were able to get approved quickly
and actually got access to the money that we needed to maintain payroll right before the
ppp funding ran out and i remember feeling so relieved but then after making some videos and
reading people's tweets i immediately felt bad for all those people all those legitimate companies
who didn't get the funding in time and they had to close down their business then you start
hearing about stories about people who committed fraud and your sadness turns into anger because
they stole money from hard-working small business owners who actually needed it so do i feel bad
absolutely not especially when you hear about what people did with the money like mustapha
who used the ppp money to buy three cars and six figures worth of jewelry it's ridiculous
and some people are calling this the biggest fraud in a generation and i kind of agree but
i will say it's partially the government's fault for allowing all this fraud to happen in the first
place but maybe you have a different perspective remember tell me down in the comments section
below exactly what you think all right coming up next i have two more videos for small business
owners on my personal channel so check those out if you haven't already and i'll see you over there