JACKSONVILLE, Fla. — A Jacksonville man has pleaded guilty to wire fraud involving COVID relief funds through the Paycheck Protection Program.
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According to court documents, the man, 31-year-old Larry Denson, submitted a PPP loan application in April 2021 to a lender authorized by the Small Business Administration to lend funds for a prior approved program.
Denson’s application falsely claimed that he owned and operated his own janitorial firm. He had made false statements regarding payroll and operating expenses, all the while submitting a fraudulent IRS form. he was approved for a loan of over $18,190.
In July 2022, Denson filed a PPP Loan Forgiveness Application, stating that he had spent the prior loan on payroll. In actuality, the funds were spent on retail purchases, cash withdrawals, and food. Relying on his false statements and documentation, the Small Business Administration forgave his entire loan amount.
Denson agreed to forfeit $18,190, what was the original loan. He faces a maximum penalty of 30 years in federal prison and payment of restitution to the United State government
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