Womply, a Silicon Valley-based financial technology company, is alleged to have pulled in $2 billion in U.S. taxpayer dollars during the COVID-19 pandemic through defrauding the U.S. government by processing blatantly fraudulent Paycheck Protection Program (PPP) loans. An ongoing court battle over Womply’s complicity in financial fraud has now revealed that some of those tax dollars were likely passed on to one of the company’s key investors, Chinese tech conglomerate Tencent.
The Paycheck Protection Program was set up in the early days of the pandemic in an effort to prevent mass layoffs and an economic recession. The $800 billion program allowed American businesses to secure loans to keep workers on payroll despite commerce being essentially shut down by state governments. All-in-all 11 million loans were issued through PPP.
Financial technology companies like Womply served as middlemen, supposedly aiding business in filing out and filing paperwork to receive a PPP loan – […]
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