- July 21, 2021
- Posted by: Stratford Team
- Category: Business
A Portland business owner has been charged with two counts of federal loan fraud for allegedly inflating the payroll at his two companies to collect more than $622,000 in COVID-19 small business relief money for his own use.
Peter Peacock Blood, 57, claimed in two Paycheck Protection Program loan applications in April 2020 that his Portland-based companies, Cycle Power Partners and Cycle Holdings, had a combined 10 employees and an average monthly payroll of more than $116,000.
The U.S. District Attorney’s Office for the District of Oregon said that tax returns filed in 2019 and 2020 show that Cycle Power Partners, which bills itself as a clean-power producer, had no more than two employees and paid under $7,000 in quarterly wages.
No quarterly tax returns were filed for Cycle Holdings during those years, according to the U.S. District Attorney’s Office for the District of Oregon. In state registry documents, Cycle Holdings describes its business…
