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Unlock the full potential of your MCA business with Cloudsquare Broker! Our cutting-edge Lending CRM is built on the battle-tested Salesforce CRM framework, providing unmatched customization options and proven reliability. With CS Broker, you get over a decade of experience and feedback from hundreds of industry veterans so that everyone, from new hires to experienced brokers, to use the system, even with little training. Download our PDF document now to learn more! Download here: https://bit.ly/43T4CNM

Per her plea deal, she has pleaded guilty to seven charges, including wire and securities fraud. She has also agreed to pay restitution of an amount to be determined by the courts. That's according to Ellison's plea agreement with prosecutors in the Southern District of New York, dated December 18. Ellison faces seven charges that collectively carry a maximum prison sentence of 110 years. These include conspiracy to commit wire fraud, securities fraud, and commodities fraud. She also faces a charge of conspiracy to commit money laundering. Ellison has agreed to waive any defenses to the charges. Per her deal with prosecutors, she also agreed to pay restitution, the amount of which the courts will determine.

https://drive.google.com/file/d/1t4hjacybSeTH4Glf3qjYiOOuk37b2vh3/view?usp=sharing

Former SBA Employee Charged with Wire and Bank Fraud in Connection with Filing False Applications for PPP and EIDL Loans and Covid-19 Rental Assistance Malaina Chapman, 37, of Hialeah, Fla. has been charged with conspiracy to commit wire fraud, wire fraud and bank fraud.  She had her initial appearance in Miami federal court today. According to allegations in the criminal complaint, Chapman was employed as a Disaster Relief Specialist with the Small Business Administration (SBA) from Sept. 28, 2020, through her resignation on March 18, 2021. While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program, as well as to defraud local credit unions and local and state programs designed to assist those affected by the Covid-19 pandemic pay their rent.  “Disaster relief was intended for people in need, namely functioning businesses, corporate forms, and sole proprietorships facing uphill prospects during the pandemic, not for those who sought to pad their pockets and defraud the government by making up entities or overstating their payroll and revenues to qualify for the relief," stated U.S. Attorney Markenzy Lapointe for the Southern District of Florida. “We will continue to hold anyone accountable who exploits and defrauds financial institutions and the government’s pandemic response to enrich themselves at the expense of struggling businesses, employees, and local tenants. While the COVID-19 relief programs have ended, our commitment to identifying and prosecuting those who defrauded them has not.” “Today’s charges highlight our unwavering commitment to protecting the integrity of SBA programs,” said SBA OIG’s Eastern Region Special Agent in Charge Amaleka McCall-Braithwaite. “Exploiting relief efforts for personal gain undermines public trust and deprives legitimate businesses of essential assistance. I want to thank the U.S. Attorney’s office and our law enforcement partners for their support and dedication to ensuring that those who engage in fraudulent schemes are held accountable to the fullest extent of the law.” On Feb. 10, 2021, Chapman, while employed by the SBA, submitted, via interstate wire communication, a loan application in the name of Upscale Credit Lounge to Lender 3.  In support of her application, Chapman submitted a purported tax year 2020 Schedule C form that reported gross revenues of $103,674 and a tentative profit of $81,860. Lender 3 relied upon the representations in Chapman’s application and on Feb. 11, 2021, approved a loan in the amount of $17,052.50.  Further investigation revealed that the Schedule C, attached to Chapman’s application was false and fraudulent.  On Feb. 19, 2021, Chapman, again while still employed by the SBA, submitted, via interstate wire communication, a PPP loan application with Lender 3 on behalf of DA TRAP. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191. In support of her application, Chapman submitted four IRS Employers Quarterly Tax Return forms (Form 941), which purportedly documented the wages paid by DA TRAP. Lender 3 relied upon the representations in the application and on Feb. 26, 2021, approved a loan in the amount of $35,477.50. Further investigation revealed that the multiple IRS Forms 941 attached to Chapman’s application were false and fraudulent. Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged in Case No. 24-CR-20079 and in that case defendant Raisha Kelly was the alleged ringleader of the conspiracy and prepared and caused the preparation of numerous false and fraudulent loan applications to be submitted to SBA-approved PPP lenders.  Chapman aided and abetted this conspiracy by creating false and fraudulent IRS documents and sending them to Kelly, who in turn used them to submit false and fraudulent applications for PPP loans. Read full story https://www.justice.gov/usao-sdfl/pr/former-sba-employee-charged-wire-and-bank-fraud-connection-filing-false-applications

Good news for Amazon sellers as this gives them more financing options. SellersFi (https://www.linkedin.com/company/sellersfi/)(headquartered in South Florida) recently closed a $135 mil credit facility (potential to reach $300 mil), guess we know how impactful that was.  https://www.pymnts.com/amazon/2024/sellersfi-and-amazon-partner-to-offer-credit-lines-to-sellers/

Monday business stats! In March 2023, 34.7 percent of U.S. private-sector business establishments born in March 2013 were still in operation. In other words, one-third of businesses created in March of 2013 survived for a decade. https://www.bls.gov/opub/ted/2024/34-7-percent-of-business-establishments-born-in-2013-were-still-operating-in-2023.htm

Embedded lending is all about the future of credit. As such, it has opportunities and challenges, even in developed markets like the United States. The PYMNTS Intelligence report “The Embedded Lending Opportunity: U.S. Edition,” commissioned by Visa, found that 17% of consumers and 16% of businesses have used embedded lending platforms over the past 90 days, accessing credit directly through a merchant or service provider’s platform. While the model is promising, it faces hurdles that lenders must overcome to maximize its potential. The promise and challenge were top of mind for Shane Holdaway, global head of card products at Visa, in a conversation with Karen Webster. Holdaway said lenders must carefully navigate risks, regulatory demands, and evolving customer expectations to succeed. Case in point: Embedded lending has become attractive to consumers and small businesses grappling with unpredictable cash flows. According to the report, 33% of U.S. consumers with unstable cash flows used embedded lending in the last 90 days, and 26% of small businesses with similarly volatile financial situations used it in the past year. These numbers underscore a growing appetite for flexible lending solutions that can address real-time financial needs without the friction associated with traditional loan products. “For many small businesses, cash flow is a constant balancing act,” Holdaway said. “Embedded lending allows them to address those mismatches between inflows and outflows in real time. That’s the promise of embedded lending — it’s about being there when a business needs to cover an unexpected expense or seize an opportunity, right at the point of purchase.” WATCH VIDEO https://www.pymnts.com/news/payments-innovation/2024/lenders-must-overcome-application-friction-to-grow-embedded-lending-share/?utm_source=Sailthru&utm_medium=email&utm_campaign=Main%20NL%2010/09&utm_term=Main%20Newsletter

We do Employee Retention Credit advances and buyouts at Break Bread Lending. The client can get paid in days instead of months, and we give the most commissions on submissions in the industry by far. We can file, and/or buy the credits no matter where the client has filed for the credits. (Ask us about our "residual income ERC-esque product" that we've rolled out now too. Works just like ERC, except we don't have to stop in 2025!) We do 1-5 W2 employee companies as well, and we can have you filed far quicker than any ERC Mill. It's a sleeker, more personalized experience. We're more about quality than quantity, and it shows in our execution. We'd love to work with you! www.ERCflashpass.com (877) 381-8338 🙏 📿

Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that SBA 7(a) lenders may now accept applications for the SBA’s newly-announced 7(a) Working Capital Pilot (WCP) Program. “Small businesses need affordable working capital to pursue revenue growth opportunities made available thanks to President Biden’s Investing in America agenda,” said SBA Administrator Guzman. “The SBA has expanded access to capital and increased small dollar lending over the past three and a half years – now, we are strengthening loan offerings through this new 7(a) Working Capital Pilot program to provide growth-oriented small businesses with competitively-priced lines of credit to fund orders and projects as they scale. The Biden-Harris Administration continues to level the playing field and ensure small businesses can compete, create jobs, and strengthen our nation’s economy.” The SBA established the Working Capital Pilot Program to create a more flexible loan product to meet the market needs of our nation’s growth-oriented small businesses and give more options to SBA’s network of lenders when structuring a line of credit. Using an innovative fee structure, the WCP provides flexible support for small businesses’ domestic and international capital needs and includes: the Transaction-Based WCP, which will allow small businesses to fund individual projects or orders, enabling access to working capital earlier in the sales cycle; and Asset-Based WCP loans, which will provide small businesses with a cost-effective way to access working capital against their assets, allowing small businesses to better manage their cash flow while also supporting supply chain resiliency. https://www.sba.gov/article/2024/08/05/sba-administrator-guzman-announces-working-capital-pilot-now-accepting-applications-participating

"The report says smaller PPP loan applicants were disdained by one fintech, with staff writing, “delete them” and “Who f------ cares.”" Dec. 1, 2022, 11:00 AM EST By Laura Strickler A couple who founded an Arizona-based financial technology firm in the early days of the pandemic raked in an estimated $120 million in processing fees from handing out billions in Paycheck Protection Program loans even though their company did little to police fraud, according to a congressional report released Thursday.

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KEY FACTS In its annual report released Tuesday, the Department of Justice’s Covid-19 Fraud Enforcement Task Force says its members have filed charges against more than 3,500 defendants for fraudulently obtaining funding meant for pandemic relief efforts since the task force was formed in 2021—cases believed to account for total losses of more than $2 billion. Of the 3,500 defendants charged by U.S. Attorney’s Offices around the country, 2,005 defendants have pleaded guilty or were convicted at trial—but the report says there are a “similar number of investigations open that are yet to be charged.” Members of the task force have also secured more than 400 civil settlements and judgements totaling more than $100 million. The money seized by the DOJ was fraudulently obtained through the Coronavirus Aid, Relief and Economic Security (CARES) Act, the landmark 2020 stimulus bill that established programs to distribute trillions of dollars in aid to individuals impacted by the pandemic. In one example cited in the report, a Washington business owner pleaded guilty to fraudulently obtaining more than $16 million in pandemic-relief funding by applying for funding for dozens of businesses purportedly owned by him or his associates using false information—with many of the businesses inactive. But defendants weren’t limited to business owners—the U.S. Attorney’s Office in the Southern District of Florida, for instance, prosecuted 17 employees with the Broward Sheriff’s Office for each independently fraudulently applying for pandemic relief and receiving a combined $500,000 illegally. https://www.forbes.com/sites/jamesfarrell/2024/04/09/feds-have-seized-more-than-14-billion-from-fraudulent-covid-relief-recipients/?sh=66a81c7f7ffa