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An Iowa business owner, who used Paycheck Protection Program (PPP) loans he got from a credit union and a bank to pay for a $600,000 mortgage with another credit union and then falsely declared bankruptcy, will spend the next three years in a federal prison.
After U.S. District Court Judge Rebecca Goodgame Ebinger sentenced Jason Lee Rannfeldt of Davenport, Iowa on May 28, he was immediately taken into custody to begin his prison term, court filings showed. He also was ordered to pay $291,875 in restitution and a $500 assessment.
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