An online lending platform that processed hundreds of thousands of Paycheck Protection Program loans during the first round of coronavirus relief last year gave away millions to non-existent farms supposedly along the Jersey shore.
An investigation from ProPublica found that the lending platform, Kabbage, gave 378 small loans to fake business entities for a total of $7 million. Each of the fake businesses were “structured as single-person operations and received close to the largest loan for which such micro-businesses were eligible,” the outlet reported. Further, some of the fake businesses had ridiculous names:
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