TN business owners to pay over $1M for allegedly misappropriating COVID-19 loans

BOWLING GREEN, Ky. (WBKO) – A Tennessee business owner has agreed to pay the United States over $1 million to resolve allegations that he unjustly enriched himself by misappropriating COVID-19 Economic Injury Disaster Loan (“EIDL”) funds obtained from the Small Business Administration (SBA) during the COVID-19 pandemic.

The civil settlement was announced by Michael A. Bennett, United States Attorney for the Western District of Kentucky.

“COVID-19 EIDL funds were intended to help small business owners during difficult economic times and taking advantage of this program will not be tolerated,” said U.S. Attorney Bennett in a release. “Our office is committed to investigating and recovering taxpayer monies that have been diverted or misused.”…

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