Brandi McCoy, 48, of York County, has been sentenced to 15 months in federal prison after pleading guilty to conspiracy to make false statements to a bank in order to fraudulently obtain Paycheck Protection Program (PPP) loans.
Evidence presented during the investigation revealed that McCoy operated a daycare facility in South Carolina. Between June 2020 and April 2022, McCoy conspired with others to submit false information to banks to secure PPP loans and subsequently avoid repaying them. After receiving loan funds, McCoy submitted further false statements in applications for loan forgiveness, again seeking to avoid repayment.
These false statements included significantly inflated figures regarding the number of staff employed at the daycare and the amount of salaries paid. McCoy also provided fabricated information concerning the daycare’s operating expenses. As a direct result of these misrepresentations, over $1 million in PPP loans were approved.
United States District Senior Court Judge Joseph F. Anderson, Jr. sentenced McCoy to 15 months of imprisonment, to be followed by a three-year period of court-ordered supervision. The federal system does not offer parole. McCoy was also ordered to pay restitution to the Small Business Administration (SBA).
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