Giraldo Caraballo Wiki – Giraldo Caraballo Bio
Giraldo Caraballo applied for and was approved for a Paycheck Protection Program loan for his company, Professional Skills, claiming the company had 28 employees and an average monthly payroll of $168,000. He also applied for an Economic Injury Disaster Loan and received about $55,000.
Giraldo Caraballo made his initial appearance Friday in Miami federal court. He’s charged with engaging in transactions in unlawful proceeds and making false statements to a financial institution.
Caraballo applied for and received a Paycheck Protection Program loan on behalf of his company, Professional Skills Inc., according to a criminal complaint. He claimed the company had 28 employees and an average monthly payroll of $168,000, which investigators said was untrue.
Giraldo Caraballo Age
Giraldo Caraballo is 55 years old.
Charge and Arrested
The complaint also alleges that Caraballo applied for and received approximately $55,000 in Economic Injury Disaster Loan. Instead of using the money for payroll, prosecutors said Caraballo transferred the money to other accounts and used it for personal expenses.
Online court records didn’t list a defense attorney who could comment on the case against Caraballo.
The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic. It’s part of the coronavirus relief package that became federal law in March.
The Economic Injury Disaster Loan program is administered by the U.S. Small Business Administration. The program provides low-interest financing to small businesses, renters and homeowners in regions affected by declared disasters.
Instead of using the money for payroll, Caraballo misused it, transferring it to other accounts and spending it on personal expenses, prosecutors said.
Caraballo was arrested and charged with engaging in transactions in unlawful proceeds and making false statements to a financial institution. He made his initial appearance Friday in Miami federal court.
The Paycheck Protection Program offered billions of dollars in forgivable loans to small businesses across the country as part of the first coronavirus relief package approved in March.