BANGOR — A Lewiston man pleaded guilty in federal court Friday to having filed a fraudulent application for a loan from the Paycheck Protection Program, enacted during the pandemic aimed at providing financial relief to small businesses.
In April 2021, Shahied Golden, 29, filed a fraudulent PPP loan application and received roughly $20,833, according to prosecutors.
His application listed a false gross income for 2020 and falsely claimed the money was needed to make payroll payments for his alleged business, according to court records.
Golden also submitted fraudulent income documentation to support his application, which falsely represented his gross income, among other things.
He deposited the money he received from the PPP loan that was administered through an out-of-state bank into his own personal account at a Bangor bank, then quickly withdrew much of the money, and didn’t use that money for approved expenses, according to court documents.
Golden faces up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000.
He is expected to be sentenced after the completion of a presentence investigative report conducted by the U.S. Probation Office.
The Department of Homeland Security investigated the case.
Administered by the Small Business Administration, the federally backed loan program provided forgivable loans to small businesses affected by the pandemic for job retention and certain other expenses.
The program allowed participating third-party lenders to approve and disburse SBA-backed PPP loans to cover payroll, fixed debts, utilities, rent/mortgage, accounts payable and other bills incurred by qualifying businesses during, and resulting from the COVID-19 pandemic.
The loans were fully guaranteed by the SBA.
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less