Milwaukee man pleads guilty to illegally obtaining PPP loans

Millennial Money: 5 Tips To Negotiate Pay In A Tough Economy
Elise Amendola

FILE - In this June 15, 2018 file photo, twenty dollar bills are counted in North Andover, Mass. Amid the pandemic-fueled recession, your job description and responsibilities may have changed. Whether you’ve taken on more tasks after employees were laid off or your household income has taken a hit, there are plenty of reasons to negotiate your salary even in tough times.

MILWAUKEE (AP) — A Milwaukee man accused of illegally obtaining more than $600,000 in federal loans meant for COVID-19 relief pleaded guilty Monday in federal court.

Stephen Smith pleaded guilty to one count of bank fraud. He is scheduled to be sentenced on July 14.

Authorities say the 42-year-old Smith fraudulently sought Paycheck Protection Program loans through applications to an insured financial institution on behalf of three different companies.

The loan applications contained numerous false and misleading statements about the companies’ respective payroll expenses, which led the financial institution to fund the loans.