Can a furniture salesman take out $10,000 in forgivable dollars as a PPP loan? Not according to the research we’ve done at KCE. PPP loans are issued by private lenders and credit unions, and then they are backed by the Small Business Administration (SBA). The basic purpose of the PPP is to incentivize small businesses to keep workers on payroll and/or to rehire laid-off workers that lost wages due to COVID-19 disruptions. Jeffrey Gentz (D) sells furniture at Steinhafels in Kenosha – we verified this by calling the store. Until recently, Gentz was reportedly unemployed. We also told you that he had recently declared bankruptcy for three quarters of a million dollars. According to online records, Gentz took out two PPP loans for about $5,000 a piece. One was paid to “Jeffrey Gentz” and the other, “Jeffrey Gentz, DBA None.” DBA stands for “doing business as.”
Gentz’s first loan from May 5th of 2020 appears to have been completely forgiven – meaning, the tax-payers paid his loan back in full. The second loan from March 20th of 2021 has not yet been forgiven.
According to the Wisconsin department of financial institutions online records, Gentz doesn’t own any businesses as he is not registered as an agent. He did have an Limited Liability Corporation in 2015, but dissolved it in 2018. Fraudulent PPP applications are punishable by up to a $1,000,000 fine, 30 years in prison, or both.
We reached out to Gentz to see what business, if any he was claiming needed this free money for payroll. Gentz did not return our requests for comment.