#Latest news with #HerbChambersCompaniesAxios10-04-2025BusinessAxiosHerb Chambers dealerships to pay $11.8M in PPP fraud caseCar dealership chain owner Herb Chambers has agreed to pay $11.8 million to settle federal allegations that his companies fraudulently obtained pandemic-era government loans. State of play: Federal prosecutors allege eight Chambers-owned companies requested Paycheck Protection Program loans after a decision by the Small Business Administration limited a single corporate group to $20 million. A bank initially canceled Chambers' unfunded loan applications because of the cap, but the companies reapplied with a different bank that funded the loans. The other side: Herb Chambers Companies CEO Nicolas Gennetti said the loan program violation stemmed from "conflicting professional advice" and "vague and unclear language" in the loan requirements.
Axios10-04-2025BusinessAxiosHerb Chambers dealerships to pay $11.8M in PPP fraud caseCar dealership chain owner Herb Chambers has agreed to pay $11.8 million to settle federal allegations that his companies fraudulently obtained pandemic-era government loans. State of play: Federal prosecutors allege eight Chambers-owned companies requested Paycheck Protection Program loans after a decision by the Small Business Administration limited a single corporate group to $20 million. A bank initially canceled Chambers' unfunded loan applications because of the cap, but the companies reapplied with a different bank that funded the loans. The other side: Herb Chambers Companies CEO Nicolas Gennetti said the loan program violation stemmed from "conflicting professional advice" and "vague and unclear language" in the loan requirements.
10-04-2025
