PPP Loan Scam

A Waterloo man has been accused of illegally acquiring a Paycheck Protection Program loan during the pandemic, according to the Waterloo Cedar Falls Courier. 39 year old Coolishun Moody allegedly claimed that he had a catering business and applied for a Small Business Administration loan worth more than $20,000. He had claimed his catering business had made over $145,000 in 2019. Prosecutors say the business never existed. Moody received the loan in April of 2021. He has been charged with one count of Wire Fraud. He is already awaiting trial for charges of being a Felon in Possession of a Firearm. Police say Moody was found with a .40 caliber Glock that had been altered to include a switch that converted it to a fully automatic firearm after a traffic stop in June of 2021.