A quarter of a million small businesses in Canada, roughly 19 percent of all small businesses in the country, may have to shut down next year if the government does not extend a deadline to repay COVID loans, according to an industry group. The Canadian Federation of Independent Business (CFIB) issued a statement on June…
Nearly 20% of Canadian Small Businesses Risk Closing if COVID Loan Deadline Not Extended: Industry Group
Britain’s Lloyds Racks up $350 Million of Likely Scam COVID Loans
LONDON—Lloyds Banking Group has been hit by more than 300 million pounds ($348 million) of suspected fraud linked to COVID-19 pandemic-era recovery loans for small businesses, the highest among big bank peers, according to government data. British banks overall have classified some 1.1 billion pounds worth of the emergency lending scheme known as “bounce back”…
California Man to Plead Guilty for Stealing Over $5 Million in COVID Loans
June 6, 2022
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IRVINE, Calif.—A 35-year-old Orange County man, who is accused of fraudulently obtaining more than $5 million in COVID-19 relief loans on sham companies, agreed to plead guilty to federal criminal charges, a U.S. attorney said in a June 3 statement. Raghavender Reddy Budamala, of Irvine, confessed to one count of bank fraud and one count…
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