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A Buford man is one of six individuals facing charges related to a $3 million Paycheck Protection Program (PPP) fraud scheme.

Tabronx W. Smith, 43, has been charged with conspiracy to commit bank fraud, bank fraud, false statements to a financial institution and money laundering.

According to an indictment, Smith was reportedly part of a group that fraudulently obtained approximately $3 million in PPP loans. Smith is accused of securing a $300,000 PPP loan for his business, Market Yourself LLC, through a loan application that contained false and misleading statement.

The PPP allows qualifying small businesses to receive loans with a maturity of two years and an interest rate of 1 percent. Businesses must use PPP loan proceeds for payroll costs, interest on mortgages, rent and utilities. The PPP allows the interest and principal to be forgiven if businesses spend the proceeds on these expenses within a set time period and use at least a certain percentage of the loan towards payroll expenses.

— Staff Reports 

BY:

deanna@northgwinnettvoice.com

Deanna Allen has more than 12 years of experience working for print and online media publications. She has worked as a copy editor and page designer, as a reporter covering various beats, as...

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