Ozy Media continued its chaotic downward spiral on Thursday after several former employees said the company never saved any jobs and actually slashed salaries despite receiving $5.7 million in COVID relief loans specified for payroll.

Ozy, which is under scrutiny for a pattern of fraud and deceptive business practices, had received $3.75 million in April 2020 and then another $2 million in February as a part of the Small Business Administration's Paycheck Protection Program (SBA's PPP). 

Former employees told that Ozy and co-founders Carlos Watson and Samir Rao always dodged their questions about how the money, which was marked for payroll, was being used and said they still took pay cuts throughout the pandemic. 

'I must've followed up with Samir four to six times,' one former employee said regarding reinstating salaries.

'It was disheartening. You work so hard and give your life to this company, to be dismissed and disrespected.' 

Another employee speaking on the condition of anonymity told the outlet: 'No one google translate english to malay sound my knowledge, and I'm talking to at least 10 people.
No one had anything returned to them by way of salary post them receiving these PPP loans.' 

Ozy Media's descent into chaos continues:

• Last Friday, OZY CEO and co-founder Carlos Watson announced that the company was closing down after an eight year run
• It came as reports detailed a pattern of smoke-and-mirrors business practice and toxic working conditions at the media company
• In a five-minute phone call, Watson fired all remaining employees
• But by Monday, Watson said the company was not shutting down and began encouraging his former employees to return
• Former employees said 'Carlos has gone completely rouge' and said they have no plans to return to the troubled company
• On Tuesday, LifeLine Legacy Holdings filed a fraud lawsuit against the company, saying Watson and his co-founder targeted them for a $2 million investment

The media company had laid off around 20 per cent of its staff near the start of the pandemic last year, 

For the second PPP loan, Ozy claimed that the vast majority of the funds would be used to help retain 143 jobs, according to the February loan document. 

The SBA said Ozy's loans, which were distributed by Silicon Valley Bank, are ongoing and have not 'yet been fully repaid or forgiven.' 

Ozy Media, which had announced it would close down last week only to backpedal on Monday, did not reply to DailyMail.com's request for response. 

Silicon Valley Bank referred all questions about the loans to Ozy. 

Staffers who were fired by Watson on the five-minute call last week are also vowing never to go back to the company, despite his promise that it is 'open for business.'

'There does not appear to be a plan. Carlos has gone completely rogue,' one former staffer told The Wrap.

'The entire editorial staff is done with him — who would possibly go back? Who the hell is going to want to go on The Carlos Watson Show now?'