Authorities say a man from Camden County has admitted to fraudulently obtaining a federal Paycheck Protection Program loan in the amount of $237,500.

49-year-old Cornell McCoy of Lawnside pleaded guilty on Monday to one count of bank fraud, according to U.S. Attorney Philip Sellinger.

Officials say,

In February 2021, McCoy applied for a PPP loan on behalf of Silver Cup Services Group LLC, a company that he owned. McCoy stated on the application that Silver Cup had 12 employees and an average monthly payroll of $95,000. He also submitted federal tax forms and returns that purported to show that Silver Cup paid $300,000 in wages during each quarter of 2019 and that McCoy earned more than $800,000 in income from Silver Cup in 2019. In fact, Silver Cup had no employees other than McCoy himself and paid no wages in 2019.

According to Sellinger's office, the tax forms that were submitted with the application were forged.

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In April 2021, the lender approved the loan based on that fraudulent application, and McCoy was given $237,500.

McCoy now faces up to 30 years in prison and a $1 million fine. As part of his plea, McCoy agreed to make restitution in the full amount of the loan.

Sentencing is scheduled for July 20th.

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