A Detroit man has been sentenced to prison and ordered to pay $14.5 million in restitution in connection with a fraud scheme involving COVID-19 pandemic relief loans, officials said.

A Metro Detroit businessman is facing multiple federal charges for his alleged role in a wire fraud and money laundering scheme.

People who defrauded the government over pandemic money have been using taxpayer money to buy cars, jewelry and more -- but the FBI says they won’t get away with it for long.

Asian stock markets are on 2022′s first trading day after Wall Street ended last year with a double-digit gain.

Three residents from Metro Detroit and 19 others across the country have been charged in connection with an $11 million fraud scheme centered around COVID-19 paycheck protection loans for businesses, feds said.

(AP Photo/Evan Vucci)WASHINGTON – President Joe Biden announced changes Monday to target more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color. Biden says a lot of these mom and pop businesses “got muscled out of the way” by larger businesses seeking federal money in the early days of the pandemic. "America’s small businesses are hurting, hurting badly and they need help now,” Biden said. Under the pandemic-era Paycheck Protection Program, the administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.

The advertiser paid a fee to promote this sponsored article and may have influenced or authored the content. ANN ARBOR – The U.S. Small Business Administration (SBA) recently re-opened the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. To help small business owners understand the eligibility requirements and application process, 20Fathoms and Ann Arbor SPARK are cohosting a webinar presented by Robert Scott, Regional Administrator for the SBA. “Robert Scott is the architect of the PPP which has been a lifeline to small businesses. “Hearing the details of the program directly from Scott will help these companies most effectively benefit from the support it can provide.”Event details:

Small business owners in Michigan are invited to attend webinar Thursday evening.

LANSING, Mich. – Billions of dollars from the federal government have helped keep Michigan afloat amid financial hardships caused by the coronavirus (COVID-19) pandemic. With the federal government’s help, two of the major traditional budget concerns in Michigan -- K-12 schools and local revenue sharing -- will not take any cuts. House Appropriations Chairman Shane Hernandez tells Local 4 News that the federal government bought Michigan some time. “They bought us time to understand COVID, understand how we deal with it and open our businesses and schools," Hernandez said. Hernandez believes that Michigan businesses cannot afford to operate under such heavy restrictions much longer.

Small businesses are in limbo again as the coronavirus outbreak rages and the governments $659 billion relief program draws to a close. Congress is debating further help for small business as part of a broader coronavirus relief package. For example, the 50% requirement will leave out many small businesses, says Sean Kennedy, an executive vice president at the industry group National Restaurant Association. With the economy struggling, Koleas business is still down, and having spent all his loan money, hes hoping for a second loan. Krigman laid off staffers and rehired them when she got a PPP loan, but that money has been spent.

The PPP offered loans up to $10 million to companies with fewer than 500 employees. The most appealing aspect of the program: possible loan forgiveness if most of the money was spent on workers. But when the loans were first proposed, lawmakers described them as a rescue for small businesses and their employees. Treasury Secretary Steven Mnuchin soon said the government would audit loans above $2 million, though some experts have their doubts. Aliera Companies, a private equity firm specializing in healthcare, got a $5 million to $10 million loan.

However, none of the four major North American sports leagues the NFL, NBA, NHL and Major League Baseball were among the businesses that applied, according to the data. The data showed businesses that applied for and received loans, though some may not ultimately have taken the funds. An AP survey completed in May found 32 U.S. Olympic sports organizations about 70% of all federations had applied for PPP loans. With their seasons shut down, more than a dozen minor league baseball teams turned up on the PPP rolls. The Big South Conference, Conference USA, Southland Conference and Big Sky Conference all listed less than two dozen full-time employees, according to the data.

In the months ahead, Main Street loans may prove a valuable resource for firms that were in sound financial condition prior to the pandemic, Powell said. Companies with up to 15,000 employees or $5 billion in revenue are eligible for Main Street. The Fed has said it will purchase up to $600 billion in Main Street loans from banks. Main Street loans currently have a rate slightly above 3%. Haith, meanwhile, said the interest rate on a Main Street loan is much lower than he would typically expect to pay, even in a healthy economy.