This month, Missouri State Economics Professor Dr. David Mitchell was interviewed by KY3 and OzarksFirst. He commented on the effects of PPP loan fraud and a rise in food prices.
Springfield business owner accused of PPP fraud
John Michael Felts, owner of Hot Cluckers, Taco Habitat, and Bourbon & Beale, is being sued by the federal government. Felts is being accused of using money from Paycheck Protection Program loans to fund personal home improvements.
Felts is believed to have used fake identities to apply for at least twelve PPP loans that added up to hundreds of thousands of dollars.
“The government was trying to get money out the door as quickly as possible, and when that happens, of course, that opens yourself up to fraud,” said Dr. Mitchell.
To read more about what Dr. Mitchell had to say about PPP loan fraud, click the link below.
Economists say families should expect food prices to go up again
Consumers have seen an increase in prices at the grocery store. According to economists, this price increase will continue to grow.
Dr. Mitchell discusses the effects of a drier climate in the West and in the Ozarks.
“When you’re seeing the price of grass and hay go up farmers and ranchers are going to have to get feed for the cows, pigs, sheep, they’re gonna have to get that somewhere else,” Dr. Mitchell said.
If you want to learn more about why we are seeing grocery price increases and Dr. Mitchell’s predictions on consumer behavior, click the link below.