What You Should Know About PPP Loan Fraud

Misinformation about Paycheck Protection Program (PPP) loans and other government support was circulating on social media. Those who listened to this information, are now in trouble with the government for fraud. This has led to PPP fraud arrests. Want to know how? Check out this video and find out.

Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other finance news, and all things Bold.

Joining Philip Michael today is Mosley Strategy Group’s company principal, Cory Mosley. We talk about how freelancers and business owners can avoid situations like these.

How much could PPP fraud ruin the future of your business?

People were either taking advantage of the system or thought they were doing the right thing but were pulled in the wrong direction. Now, the situation may have gotten out of hand. The consequences can be as serious as jail time.

What were some of the biggest mistakes you saw business owners make last year?

Some have used PPP loans as personal investments like purchasing themselves cars like Range Rovers or buying homes with that money. Mosley believes there is a misconception that the government is so bloated and that this is happening everywhere, so who would find out? But the government has infinite amounts of time, resources and money to find out what this person has done at some point later. This misuse of PPP loans might not get caught right away but it may catch up to them sooner or later.

What should business owners be focused on right now as we transition back to normal life?

While many may have struggled with their businesses over the past year to year and half, now is a great time to start your own business. You want to make sure you’re continuing that investment. How can you simplify to multiply the business? Now is a great time to see how you can simplify your business in order to grow it.

What does it mean to not think inside or outside the box but to ‘blow the box up’?

Mosley says when you’re thinking outside the box, you are still considering the box as the baseline. He suggests we get rid of that entirely. What could you do differently from your competitors that will set you apart? Oftentimes, you only need to be a bit better in order to have a much larger advantage in the marketplace.

Do you think ‘in the box’ thinking inhibits innovation?

100%. Mosley believes ‘best practices kill sales growth.’ If you are using best practices, then you are doing exactly what everyone else is doing. You want to set yourself apart, not follow the herd. When you are mastering best practices then you are just mastering average.

So what do you do instead if that’s the only path they know?

Look at what everyone’s doing and decide where you fit in the marketplace. How does your product solve the known and unknown problems of the customer. This can make you an authority in your market and be the obvious choice for customers.

Have you discovered the solution to the known and unknown problems of the customers in your marketplace? Let us know in the comments below!

Find Mosley Strategy Group here

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