Federal authorities in Austin arrested Michael George McQuarn, 51, for allegedly defrauding the U.S. Small Business Administration Paycheck Protection Program of more than $2 million, federal prosecutors say.

In April Congress authorized over $600 billion in emergency financial assistance to millions of Americans suffering economic hardship caused by the COVID-19 pandemic. A portion of those funds included forgivable loans to small businesses for job retention and certain other expenses such as payroll, rent, utilities, mortgage payments, etc., through the Paycheck Protection Program.

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