Texas man used phony business to get $5M coronavirus relief

Texas man used phony business to get $5M coronavirus relief

A Texas man was charged Tuesday after allegedly claiming to have a business with 400 employees in a bid to secure $5 million in forgivable federal loans meant to help legitimate employers through the coronavirus crisis.

Samuel Yates, 32, was unable to cash in on the massive loan from the Small Business Administration, according to the Department of Justice.

But in a separate application, the feds said he managed to get a $500,000 loan from the agency after claiming to employ 100 workers at his purported business.

The loans Yates targeted are offered to small businesses as part of the government’s Payment Protection Plan.

Funding for the program was included in a massive federal coronavirus stimulus package.

Yates used a random name generator from the internet to name his alleged employees, according to a federal criminal complaint.

He’s also accused of using forged tax documents in his applications.

He was charged with wire fraud, bank fraud, false statements to a financial institution and false statements to the SBA.

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