CHARLESTON, W.Va. (AP) — A West Virginia woman has admitted accepting more than $42,000 in paycheck protection loans under a federal COVID-19 assistance program for businesses that were not engaged in substantial activity.
Alexis Ransom of Logan pleaded guilty Wednesday to wire fraud in federal court in Charleston. Ransom obtained three paycheck protection loans that were guaranteed by the Small Business Administration under the CARES Act.
Ransom admitted falsely stating that her two businesses were established in 2019 and had substantial income. The SBA forgave the loans in August 2021. Ransom faces up to 20 years in prison. Her sentencing is set for Nov. 16.