PPP LOANS

A pastor in Maryland has been arrested by federal authorities on charges of wire fraud after authorities allege he fraudulently obtained more than $1.5 million in PPP loans.

MIAMI A Florida man who allegedly obtained $3.9 million in fraudulent Paycheck Protection Program loans and used part of that money to purchase a Lamborghini sports car has been arrested and charged. A criminal complaint against Hines states that he allegedly sought $13.5 million in PPP loans through various applications to a financial institution on behalf of different companies. Hines allegedly falsified loan applications and made misleading statements about payroll expenses and was eventually awarded $3.9 million, according to the complaint. Authorities seized a $318,000 Lamborghini and $3.4 million from his bank accounts. The loans must be used for payroll costs, interest on mortgages, rent and utilities to be eligible for full loan forgiveness.