By james art 
Bowling Green, KY. (Wbko) – The Tennessee Business owner has agreed to pay over $ 1 million to the United States to resolve allegations that he is unfairly enriched by assigning the small covid -19 disaster loan obtained from small business administration (SBA) during the Covid-19 pandemic.
The civil agreement was announced by Michael A. Bennett, a lawyer of the United States for the Western district in Kentucky.
“The Covid-19 Eidl funds were intended to help small business owners during difficult economic times and take advantage of this program will not be tolerated,” says US lawyer Bennett in a message. “Our office is committed to investigating and reimbursing taxpayers who have been diverted or abused.”
During the Covid-19 pandemic, SBA provided the Covid-19 Eidls to the small business for “working capital”.
Ryanturtle owned a Turtle Company, a corporation in Kentucky, which was running Little Caesars franchises in West Kentucky. According to the announcement on October 27, 2021, Turtle presented amended loan and agreement with SBA. He certified and promised to use the proceeds from the loan as a working capital for his business, as required by the agreement.
Instead of using the proceeds from the loan as required, the United States claims that the turtle has transferred the proceeds from the loan to various cryptocurrency bills shortly after receiving them from SBA.
Not using the proceeds from the loan, as required by the agreement, the United States claims that the turtle is unfairly enriched.
Born in Memphis agreed to pay $ 1.731 200 to the United States.
The claims authorized by this agreement are allegations.
Assistant US lawyer Matt Wind has dealt with this issue for the United States.
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