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New Post: Kabbage Inc. Settles Allegations of PPP Fraud - https://lnkd.in/giGaaUPm - Kabbage Inc., now operating as KServicing, has agreed to settle allegations that it defrauded the Paycheck Protection Program (PPP). The company, currently in bankruptcy proceedings, will resolve claims of submitting false loan forgiveness, guarantees, and processing fee claims to the Small Business Administration (SBA). The Justice Department announced that Kabbage submitted thousands of false claims to the SBA, violating the False Claims Act (FCA). Kabbage, now known as KServicing Wind Down Corp., filed for Chapter 11 bankruptcy in October 2022. The U.S. will receive a general unsecured claim in the bankruptcy proceedings as part of the settlement. The PPP was created in March 2020 under the CARES Act to help small businesses survive the economic impact of the COVID-19 pandemic. The SBA administered the program, which allowed private lenders to approve loans for eligible businesses. These loans could be forgiven if used for payroll and other approved expenses. Lenders like Kabbage were required to verify payroll costs and comply with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. Kabbage is accused of inflating PPP loan amounts, causing the SBA to guarantee and forgive loans beyond eligible amounts. KServicing Wind Down Corp. admitted to several misconducts, including: Double-counting state and local taxes. Failing to exclude compensation over $100,000 per employee. Miscalculating employer payments for leave and severance. Despite knowing about these errors since April 2020, Kabbage continued to disburse incorrect loans. Kabbage allegedly removed underwriting steps from its procedures to process more PPP loan applications and maximize fees. The company purportedly set substandard fraud check thresholds and relied on inadequate automated tools. Kabbage also allegedly discouraged fraud reviewers from requesting borrower information and submitted thousands of fraudulent or suspicious loan applications. The government will receive an unsubordinated, general unsecured claim of up to $120 million. The exact recovery amount depends on the assets available in the bankruptcy estate. Kabbage will also receive a $12.5 million credit for payments returned to the SBA during the investigation. Principal Deputy Assistant Attorney General Brian M. Boynton emphasized the commitment to holding lenders accountable for PPP misuse. Acting U.S. Attorney Joshua S. Levy criticized Kabbage for prioritizing profit over safeguarding taxpayer funds. U.S. Attorney Damien M. Diggs underscored the importance of compliance with PPP requirements. Image: Depositphotos This article, "Kabbage Inc. Settles Allegations of PPP Fraud" was first published on Small Business Trends - #news #business #world -------------------------------------------------- Download: Stupid Simple CMS - https://lnkd.in/g4y9XFgR -----------------------
Kabbage Inc. Settles Allegations of PPP Fraud
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Closing Tip: Don't touch your credit. Once your home is under contract, do not do anything to affect your credit (even if you THINK it will positively affect it). Wait until closing to apply for any new cards, run credit checks, or make any big purchases. #SouthernTitle
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Which would you choose? SCENARIO A: Upfront costs: $5000 Payment: $2000 per month SCENARIO B: Upfront costs: $6200 Payment: $1986 per month
Mortgage Rates 101, Part 2: Basic Parts of a Mortgage
housingbrief.com
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Credit score is extremely important when it comes to making important purchases. Is your credit score where you would like it to be?
What’s the Best Way to Protect Your Credit Score?
advisorstream.com
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Choosing the perfect checking account? We've got your back! Our guide simplifies the process, helping you find an account that aligns with your goals. Learn 𝗛𝗼𝘄 𝘁𝗼 𝗖𝗵𝗼𝗼𝘀𝗲 𝘁𝗵𝗲 𝗥𝗶𝗴𝗵𝘁 𝗖𝗵𝗲𝗰𝗸𝗶𝗻𝗴 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 in our latest #blog! 📰 https://bit.ly/44Ps8ds Member FDIC
How to Choose the Right Checking Account
academybank.com
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One of the primary factors in your credit score is your credit utilization ratio — the amount you owe as a percentage of your credit limit. You want to keep this value as far below 30% as you are able. Early payments to your credit and retail store card accounts increase the opportunity for your payment to be processed before creditors report to the credit agencies. Your report may show a lower credit utilization ratio. Paying early also saves you on interest if you carry a balance from month to month. Ready to find out more about how credit can impact your ability to become a homeowner? Reply below or send us a message.
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💡Top Business Coaching Voice ||Coaches: Get Clients From Social Media Using A Private Organic Method, No Cold Pitching & Ads || 10X Your Influence, Impact & Income || Multi 6-figs in Clients Results || Free Training ⬇️
Are you struggling to meet the numbers? . You’re losing money and you don’t know how much longer you can keep it up like this… What are you going to do about it? . Well, you gotta do something, because everyday you are losing out on opportunities and potential revenue. . It may not be easy to admit this, but I think we both know that something needs to change if you want your business to stay afloat in the long run. . Don’t worry though, the reality is that there’s a solution out there for every problem, even yours, and even the issues you haven’t noticed yet; we all have these, so it’s not your fault. . It’s only your fault if you don’t do anything to fix the issues that you noticed and haven’t noticed yet. . Here’s the thing, when Leads aren’t consistent then sales would never be regular. And honestly, having the potential to perform better but not knowing how... is far worse than lacking the ability. . It’ll kill your confidence, throw off your motivation, and severely hurt your time, efforts and energy. . Because if you are unable to hit the goals you are not going to be motivated to improve, and this alone will cost you way more money than you think. . So, in short, it’s time for you to become the leader in your space to become more successful and stay that way moving forward. . And who doesn’t want to generate more revenue if there’s a time-tested way to make it happen, Right? . You need someone to come in and take a look at your processes from the outside, because when we do something for long enough we become blind to things that should be obvious. . All it takes is 30 minutes of your time to show your process and in this 30 minutes consultation call, I will share a brief demo to show you how you can Generate Leads and quickly increase your sales. . You won’t regret it, and your bank account will love you for it. . So you can finally start experiencing the massive results you know you are capable of. . Are you ready for a Consultation call? . Comment “#Call” and I will reach out to you with the Link to book a Call. Grow More to Give More
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Did you know that 13% of consumers have errors that affect their credit scores? It's important to check your #creditreport for errors because they can cause credit denial or raise interest rates. In partnership with WorkMoney to launch #CreditCheckup, Consumer Reports is encouraging consumers to check their credit reports and provide guidance on what to do if there are errors. Learn how, here: https://lnkd.in/d9tXRmAZ
Credit Report Error Complaints Surge. Here’s Why You Should Check Yours. - Consumer Reports
consumerreports.org
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Specializing in Jumbo, Physician (MD and Residents) and Professional Loans (CPA's, CFA's, JD's, PA's, NP's, CRNA's, DVM's or Pharmacists)
What makes up your credit score? It doesn't have to be a mystery. 🥴Take a look at the five key elements, check out this helpful website, and message me when you're ready to start looking for your first or next home! readynest.com/credit-score?
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Award-Winning Realtor | Twin Cities Real Estate Expert | Board Member | Community Leader | Better Service. Better Results #AskJarrodHeKnows
You can choose the best checking account for you by following these steps, which include comparing monthly fees and assessing account benefits.
You can choose the best checking account for you by following these steps, which include comparing monthly fees and assessing account benefits.
experian.com
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