RAPID CITY, S.D. (KELO) — A jury has convicted a Rapid City man of charges related to a Second Draw Paycheck Protection Program loan.
The U.S. Attorney’s Office says 41-year-old Casey Pedersen applied for the loan for one of his businesses in February 2021.
On the application, Pedersen said he didn’t own any other businesses and had suffered a 25% reduction in gross receipts as a result of the pandemic. As a result, Pedersen got the loan, which was later forgiven.
Evidence at trial established that he owned three other businesses and that they didn’t receive any economic loss. Pedersen faces up to five years in custody and a $250,000 fine.