BOSTON – A Stoughton man pleaded guilty yesterday in connection with a fraudulent scheme to obtain COVID-19-related small business loans from several financial institutions.
Yves Montima, 53, pleaded guilty to one count of conspiracy to commit bank fraud. U.S. District Court Judge Denise J. Casper scheduled sentencing for March 9, 2022. Montima was charged on Nov. 4, 2021.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a temporary loan program directed at small businesses called the Paycheck Protection Program (PPP). Independent contractors were eligible to apply for PPP loans, which were processed by private financial institutions and fully guaranteed by the U.S. Small Business Administration. If an independent contractor used the loan funds for approved purposes, such as payroll, the loan could be forgiven by the financial institution and paid for by the U.S. Small Business Administration.
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