CAMDEN, N.J. – A Camden County, New Jersey, man today admitted fraudulently obtaining a federal Paycheck Protection Program (PPP) loan of $237,500, U.S. Attorney Philip R. Sellinger announced.

Cornell McCoy, 49, of Lawnside, New Jersey, pleaded guilty by videoconference before U.S. District Judge Karen M. Williams in Camden federal court to an information charging him with one count of bank fraud.

According to documents filed in this case and statements made in court:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted in March 2020 and was designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (the “PPP”). To obtain a PPP loan, a qualifying small business must apply and provide information on its operations, including the number of employees and payroll expenses. Businesses generally had to provide supporting documentation.

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