Jade Price, a 29-year-old resident of Winfield, Indiana, has been sentenced to 12 months of probation and ordered to pay $80,355.18 in restitution to the Small Business Administration after pleading guilty to wire fraud. The sentencing was handed down by United States District Court Judge Damon R. Leichty.
According to case documents, Price falsely reported gross income for a business when applying for four Paycheck Protection Program (PPP) loans. The PPP program was established under the CARES Act to provide financial support to small businesses affected by the COVID-19 pandemic. As a result of her false claims, Price received funds intended for job retention and other authorized expenses but instead used them for personal purchases.
"This case was investigated by the Federal Bureau of Investigation," stated Acting United States Attorney M. Scott Proctor in the announcement. "The case was prosecuted by Assistant United States Attorney Jerome W. McKeever."
The PPP initiative was created as part of broader federal efforts to offer emergency assistance during the economic downturn caused by COVID-19.
