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Small Business Fraud CARES Act

Benesch

Paycheck Protection Program (“PPP”) Loan Fraud: A Survey & Analysis of Recent Civil & Criminal Enforcement Outcomes

Benesch on

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in or around March 2020 designed to provide emergency financial assistance to the millions of Americans who were suffering the...more

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Dinsmore & Shohl LLP

PPP Loan Investigations and Prosecutions are on the Rise

Dinsmore & Shohl LLP on

In recent months, a number of agencies, including the Federal Bureau of Investigation (“FBI”), have been working diligently to identify businesses and individuals who committed alleged fraud through the Paycheck Protection...more

Bradley Arant Boult Cummings LLP

PPP and Pandemic Fraud Recoveries Significant for DOJ in FY 2023

The Department of Justice (DOJ) recently announced that it obtained more than $2.68 billion in False Claims Act (FCA) settlements and judgments in the fiscal year ending September 23, 2023. DOJ reports that “matters that...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Harris Beach Murtha PLLC

Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing

The Department of Justice continues to have its task forces throughout the U.S. investigate and prosecute fraudulent use of funds from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs...more

Ballard Spahr LLP

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Lippes Mathias LLP

The Rise and Fall of the Paycheck Protection Program

Lippes Mathias LLP on

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans,...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

Foley & Lardner LLP on

For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

Kohrman Jackson & Krantz LLP

Beware of ERC Free Money Claims

If you have been listening to talk radio lately, you may have heard, on numerous occasions, the latest come-on for small business cash assistance. Most of these advertisements claim your small business can receive up to...more

Bass, Berry & Sims PLC

PPP Enforcement Actions Gather Steam

The Paycheck Protection Program (PPP) was intended to provide a fast influx of assistance to small businesses during the economic shock created by the COVID-19 pandemic. The speed with which loans were distributed to...more

Harris Beach Murtha PLLC

Former NFL Player Sentenced to 37 Months in Prison in PPP Fraud Case

Harris Beach Murtha PLLC on

On March 27, 2020, in response to the COVID-19 pandemic, Congress acted swiftly in enacting the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, designed primarily to provide emergency financial assistance to...more

Cozen O'Connor

In extremis — PPP Money Is Not “Free” So Applicants & Recipients Need to Beware

Cozen O'Connor on

As most of the population is aware, to try and preserve the economy and businesses viable during the COVID-19 pandemic, congress passed the CARES Act. That bill included the Payroll Protection Program (PPP), in which small...more

Steptoe & Johnson PLLC

Federal Authorities Focusing on PPP Fraud

Steptoe & Johnson PLLC on

With the light at the end of the tunnel getting brighter on our pandemic journey, the legal realities are only just beginning. The Department of Justice has prioritized the prosecution of fraud arising from the Paycheck...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - April 2021

WilmerHale on

As part of its ongoing investigation into pandemic-related government contracts entered into by the Trump Administration, the House Select Subcommittee on the Coronavirus Crisis released documents that offer a real-time look...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] What You Need to Know About the Paycheck Protection Program

In this episode, Akin Gump government contracts partner Angela Styles discusses the origins, workings, track record and future of the Paycheck Protection Program (PPP). Among the topics covered: - Self-certification,...more

Jackson Lewis P.C.

Paycheck Protection Program: Government Enforcement, Oversight

Jackson Lewis P.C. on

Nearly one year ago, in response to the COVID-19 pandemic and related economic downturn, the Small Business Administration-backed Paycheck Protection Program (PPP) provided loans to help businesses keep their workforce...more

Fox Rothschild LLP

PPP Data Dump Places Loan Forgiveness Applications Under A Microscope

Fox Rothschild LLP on

This month’s court-ordered release of Paycheck Protection Program (PPP) loan data is expected to result in intense scrutiny of the loan forgiveness process, highlighting the need for recipients to proceed with caution when...more

Harris Beach Murtha PLLC

PPP Loan Forgiveness Applications and Increase in Federal Investigations Pose Risks for Small Businesses

A significant part of the March 2020 CARES Act, the federal government’s Paycheck Protection Program (PPP) provided a lifeline for hundreds of thousands of small businesses across the nation, helping struggling owners pay...more

BCLP

PPP Loan Necessity Certifications and Fraud Investigations

BCLP on

A recent article in the Wall Street Journal highlights renewed talk in some circles about allegedly “growing evidence” of fraud among PPP participants.  We think the observation of the former federal prosecutor who is quoted...more

Burr & Forman

US DOJ Criminal Chief Announces 57 “Main Justice” PPP Cases

Burr & Forman on

At a September 10 press conference, Acting Assistant Attorney General Brian Rabbitt announced that the Department of Justice (“DOJ”) Criminal Division has reached 57 criminal prosecutions for fraud in connection with the...more

Oberheiden P.C.

SBA Loan Fraud Defense—How to Defend Against an Indictment

Oberheiden P.C. on

Tips on Preparing to Defend Against Allegations of SBA Loan Fraud During the COVID-19 Crisis - Federal emergency relief legislation—including the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”)—has...more

Vinson & Elkins LLP

The Paycheck Protection Program And Bankruptcy

Vinson & Elkins LLP on

The COVID-19 pandemic has heavily disrupted our lives, communities, and businesses. Even with new approaches, not all businesses can overcome the substantial challenges brought by the pandemic. Lending programs like the...more

Snell & Wilmer

Beware of Emerging Scams – CARES Act Financial Scams and Fraud Targeting Small Businesses

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In a recently published survey of 2,832 businesses about their concerns related to the pandemic’s impact, 82 percent were interested in pursuing federal assistance, but only four percent of respondents expressed concerns...more

Verrill

The PPP Litigation Wave Is Coming: Anticipated “Qui Tam” Lawsuits Under the False Claims Act

Verrill on

Many businesses and other borrowers, such as nonprofit organizations, that received Paycheck Protection Program (PPP) loans are now several weeks into disbursing their PPP loans for payroll, mortgage or lease payments, and...more

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