An indictment has been unsealed in Denver, charging Steve Randall Howe with 20 counts of bank fraud and seven counts of money laundering. The charges relate to an alleged scheme to defraud the United States Small Business Administration (SBA).
The indictment states that between April 2020 and January 2022, Howe secured over $1.2 million in Paycheck Protection Program (PPP) loans for six businesses he owned. To acquire these loans, Howe allegedly submitted false information and fabricated documents to lenders, making it appear as though his companies were eligible for PPP loans when they were not. It is further alleged that Howe used the loan funds for non-eligible expenses such as purchasing residential properties, retail items, travel costs, and transferring money to China. Additionally, he reportedly applied for and received forgiveness on each loan without making any repayments.
The CARES Act was enacted in March 2020 to provide emergency financial assistance amid the COVID-19 pandemic's economic impact. It established the PPP, a program managed by the SBA that offered loans to small businesses to retain employees and cover certain expenses aligned with PPP guidelines. Businesses could request loan forgiveness if they certified that funds were used appropriately.
Howe made his initial court appearance on July 2, 2025, before United States Magistrate Judge N. Reid Neureiter in Denver.
It is important to note that the charges are allegations at this stage; Howe is presumed innocent until proven guilty.
The Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation are conducting the investigation into this case. Assistant United States Attorneys Taylor Glogiewicz and Craig Fansler are prosecuting.
For those with information about attempted fraud related to COVID-19 relief efforts, reports can be made by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or through their web complaint form.
