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Coppell man charged with scamming $17 million in PPP money to buy luxury cars and homes

Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.



Government prosecutors have now charged dozens of people with fraudulently receiving grants from the Payroll Protection Program.


© Brian Elledge/Staff Photographer/The Dallas Morning News/TNS
Government prosecutors have now charged dozens of people with fraudulently receiving grants from the Payroll Protection Program.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain – and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them to keep their companies afloat.”

Sah was arrested Sept. 16 and remains in custody, said a spokeswoman for the U.S. attorney’s office for the Northern District of Texas.

Sah is one of dozens indicted by government prosecutors for fraudulently applying for forgivable loans through the Payroll Protection Program, the $650 billion slice of the CARES Act designed to help small businesses cover costs for wages, rent and utilities. Among those charged with fraud were a former NFL football player and a former reality television star.

More than 5.2 million loans were approved nationwide. According to the U.S. Treasury Department, Texas businesses were approved for more than $41 billion in grants that were intended to go to businesses with 500 employees or fewer.

The indictment said

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Coronavirus mortgage bailouts fall below 3 million

The number of mortgages whose payment requirements have been suspended because of the coronavirus plunged in the past week, as the first group of loans hit the end of their six-month term.

It was the largest decline since the crisis began.

Over the past week, active forbearances dropped by 649,000, or 18%, according to Black Knight, a mortgage technology and data analytics firm. That brings the total number of plans, both government and private sector, below 3 million for the first time since April. In addition, the decline was noticeably larger than the drop of 435,000 when the first wave of forbearances hit the three-month mark in early July.

As of Oct. 6, 2.97 million homeowners remain in pandemic-related forbearance plans, or 5.6% of all active mortgages, down from 6.8% the previous week. The loans represent collectively $614 billion in unpaid principal.

These plans allow borrowers to delay their monthly payments for at least 30 days and up to one year. The plans are generally administered in three-month blocks, with the option to renew at the end of each period. The payments can be made up when the loan is refinanced or the home is sold. Lenders are also doing some loan modifications, lowering interest rates, as well as allowing some borrowers to add the payments to the end of the loan. Most are not requiring any lump sum payment immediately after borrowers exit forbearance.

“As the first wave of forbearances from April hit the end of their initial six-month terms, we’ve seen the strongest decline in the number of active plans since the pandemic began,” said Andy Walden, Black Knight economist and director of market research. “Though the market continues to adjust to historic and unprecedented conditions, these are clear signs of long-term improvement.”

An additional 800,000 forbearance plans

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Lowe’s gives $100 million more in bonuses to hourly employees

Shoppers wearing protective masks wait in line to enter a Lowe’s Cos. store in San Bruno, California, U.S., on Wednesday, May 20, 2020.

David Paul Morris | Bloomberg | Getty Images

Lowe’s said Wednesday it will give $100 million more in bonuses to hourly employees, as strong demand for home improvement continues.

It marks the sixth time the home improvement retailer has given additional pay to workers at its stores, distribution centers and support centers during the coronavirus pandemic. It gave bonuses to part-time, full-time and seasonal employees in March, May, July and August. It also increased pay by $2 an hour for the month of April. 

With the latest round, the home improvement retailer will have paid more than $675 million in additional pay to employees this year. It will pay the latest bonuses on Oct. 16. Full-time hourly employees will receive $300 and part-time and seasonal hourly employees will receive $150.

Also Wednesday, Lowe’s announced a cash tender offer for up to $3.5 billion of its outstanding debt securities. The company said the goal of the offer is to reduce its interest expenses and manage the maturities of its debt. 

Other retailers, including Walmart, Target and Kroger, have also given bonuses or increased worker pay during the pandemic. Walmart has given three rounds of bonuses and said it would remain closed on Thanksgiving to give employees time with their families. Target speeded along plans to raise its minimum wage to $15 an hour as it phased out a temporary, pandemic-related $2 an hour wage increase.

Customers have shopped at Lowe’s for DIY supplies, kitchen appliances and landscaping tools as they spend more time at home during the pandemic. The global health crisis has also inspired some Americans to move out of cities and buy homes in suburban or

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Coronavirus mortgage bailouts fall below 3 million in pandemic’s sharpest decline

  • The number of mortgages in active pandemic-related bailouts plunged as the first wave of forbearance plans hit the end of their six-month term.
  • Over the past week, active forbearances dropped by 649,000, or 18%, according to Black Knight, a mortgage technology and data analytics firm.
  • That brings the total number of plans below 3 million for the first time since April.
  • As of Oct. 6, 2.97 million homeowners remain in pandemic-related forbearance plans, or 5.6% of all active mortgages, down from 6.8% the previous week.



a large brick building with grass in front of a house: Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois.


© Provided by CNBC
Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois.

The number of mortgages in active pandemic-related bailouts plunged in the past week as the first wave of forbearance plans hit the end of their six-month term.

It was the largest decline since the crisis began.

Over the past week, active forbearances dropped by 649,000, or 18%, according to Black Knight, a mortgage technology and data analytics firm. That brings the total number of plans, both government and private sector, below 3 million for the first time since April. In addition, the decline was noticeably larger than the drop of 435,000 when the first wave of forbearances hit the three-month mark in early July.

As of Oct. 6, 2.97 million homeowners remain in pandemic-related forbearance plans, or 5.6% of all active mortgages, down from 6.8% the previous week. The loans represent collectively $614 billion in unpaid principal.

Video: Mortgage rates hit new low as homeowners move to refinance (CNBC)

Mortgage rates hit new low as homeowners move to refinance

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These plans allow borrowers to delay their monthly payments for at least 30 days and up to one year. The plans are generally administered in three-month blocks, with the option to renew

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Cragun’s Resort $20 Million Renovation Continues During Pandemic

BRAINERD, Minn., Oct. 8, 2020 /PRNewswire/ — Eric Peterson, General Manager of Cragun’s Resort in Brainerd, MN, is one of the most positive people you’ll meet. Give him lemons and he’ll gladly take them and say “Thanks – Free Lemons”! Which is exactly the positive attitude Peterson and Cragun’s have taken during the Coronavirus Pandemic.

This coming winter marks the half-way point of Cragun’s $20 million-dollar resort expansion and improvement project. In late 2015, Cragun’s embarked on an aggressive plan to remodel, replace and add new amenities and lodging to ensure the resort’s continued success. When the pandemic started to slow things down in March, Peterson took the opportunity to ramp up construction in several areas of the resort. This enabled Cragun’s to keep people employed and make significant progress in the improvement plan.

“Over the years, Cragun’s guests have told us how much they appreciate our family friendly atmosphere and the true “up north” experience they receive at the resort,” said Peterson. “We put a plan together that would update Cragun’s public areas, provide more new, larger and improved cabins and upgrade the facilities in our lodge rooms while maintaining the feel our guests love. All of the improvements are designed to fit well with the features that Cragun’s guests enjoy like our mile of sandy beaches, championship golf courses, full-service marina, snowmobiling, ice skating and dining options.”

Cragun’s improvements include the following:

  • Public Areas – The Lobby and Lobby Gift Shop were updated to include improved lighting, an expanded gift selection, plus the addition of an interactive television with information on the resort. The lake level Marina received new floors, walls, displays, new bait tank and two new bathrooms. A new signage program was started to aid guests in finding their way around the resort.
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