Oludamilare Olugbuyi, owner of a residential construction contracting firm based in Washington, D.C., has been charged with fraudulent applications seeking more than $400,000 in a forgivable Paycheck Protection Program loans guaranteed by the Small Business Administration under the CARES Act. Olugbuyi allegedly submitted several IRS Forms 1099-MISC reporting hundreds of thousands of dollars in disbursements to contractors with social security numbers that were either invalid or assigned to other people, and a tax return reporting $175,565 in adjusted gross income for tax year 2019, for which he actually reported $1 in income, apparently to qualify for the individual $1,200 economic stimulus payment.
