Daniel P. Bubar Acting United States Attorney for the Eastern District of North Carolina | U.S. Attorney for the Eastern District of North Carolina
DynPro, Inc., an IT solutions company based in Raleigh, has agreed to pay $2,178,254 to settle allegations of falsely obtaining a Paycheck Protection Program (PPP) loan from the U.S. Small Business Administration (SBA). The PPP loans were established by Congress to assist American businesses impacted by the COVID-19 pandemic, providing forgivable loans guaranteed by the SBA under certain eligibility criteria.
To qualify for a second-draw PPP loan, businesses needed to demonstrate at least a 25% reduction in quarterly gross receipts due to the pandemic. DynPro's application for such a loan inaccurately claimed that the company experienced this reduction between the second quarter of 2019 and the same period in 2020. However, it was later found that DynPro did not meet this requirement and was therefore not eligible for the loan. Additionally, DynPro falsely certified that all information provided in its application and supporting documents was "true and accurate in all material respects."
The company self-reported these discrepancies to the United States Attorney’s Office and cooperated with their investigation by identifying key witnesses and documents.
Acting United States Attorney Daniel P. Bubar announced this resolution as part of a coordinated effort between the U.S. Attorney’s Office for the Eastern District of North Carolina and the SBA. Assistant U.S. Attorney Andrew Kasper managed the case with support from the SBA’s Office of General Counsel.
