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CA man used over $5M in COVID aid to buy properties: feds
A California man is accused of making use of revenue from COVID-19 loans to acquire a $1.2 million “investment property” in Eagle Rock, a practically $600,000 house in Malibu and a “personal residence” in Irvine. WQAD-Tv TNS A California guy has agreed to plead guilty just after federal prosecutors explained he obtained much more than $5 million in COVID-19 reduction financial loans for shell firms. The Orange County resident, Raghavender Reddy Budamala, 35, made use of three sham firms to utilize for seven Paycheck Safety Application and Financial Injuries Catastrophe financial loans, according to the plea settlement. He agreed on June 3 to plead responsible to a depend of dollars…
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Real estate agents got $3.9 billion in Covid relief PPP loans. The housing market boomed, but few repaid the loans.
While Covid was battering the U.S. economy, Gary Goldberg seems to have done OK. During 2020, the pandemic’s first year, the Santa Barbara, California, real estate agent sold more than $27 million worth of luxury homes, slightly down from the $31 million he closed the year before, according to data from Zillow. In 2021, he sold $82 million worth of real estate. He also applied for and received two loans totaling $95,832 via the federal government’s Covid relief Paycheck Protection Program, according to public records. In his applications, he listed one employee. He asked for the first loan on April 15, 2020, and the second on Jan. 30, 2021. Federal records show…
