The owner of a Chicago tax preparation company was sentenced to 42 months in prison for fraudulently obtaining over $3.6 million in small business loans under the Paycheck Protection Program and Economic Injury Disaster Loan program implemented by the Small Business Administration, the Justice Department said Tuesday.
Farooq Khan, who owned and operated Hannan Tax Services, from May 2020 through October 2021 prepared and facilitated the submission of at least 30 fraudulent loan applications for non-operational companies, falsifying information such as the number of employees and tax records, the DOJ said.
He caused approximately $3.6 million to be fraudulently ...
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