WATE

Tellico Village Property Owners Association to pay $1.3M for improper PPP loan

By Gregory Raucoules,

23 hours ago

TELLICO VILLAGE, Tenn. (WATE) — The Tellico Village Property Owners’ Association will pay over $1.3 million after it received a loan during the COVID-19 pandemic for which it was not eligible, the U.S. Department of Justice announced Wednesday.

The payment of $1,361,992.22 resolves allegations that the group violated the False Claims Act for receiving and obtaining forgiveness of a loan under the Paycheck Protection Program.

PPP loans were created to provide relief to small businesses and certain nonprofit organizations during the COVID-19 pandemic. Social welfare organizations were not eligible to receive PPP loans.

TVPOA represented in its application that it was eligible to receive the applied-for loan. TVPOA later applied for and received forgiveness of its PPP loan. The organization contends that misstatements on the applications were not done deliberately.

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