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The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

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What is the penalty for lying on SBA loan application?

By Spodek Law Group | February 7, 2023
(Last Updated On: July 28, 2023)

Last Updated on: 28th July 2023, 07:22 pm

Small Business Loans: Oh, The Enticing Lure of That “Little White Lie”

We all know securing that little extra finance is crucial to boosting your business. Now, as stressed as you are, you might be tempted to ‘creatively enhance’ a bit here and there on your loan application just to bag the elusive funds. But whoa, hold your horses! You gotta hear me out on this because the potential fallouts of being nabbed lying are far from pretty.

A Quick Run-through of Small Business Loans

At its core, a small business loan’s a just good old financial pact between the lender and, in this case, you – the entrepreneur. The idea’s to get funds to fuel your business and you sign up to pay back the loan amount with interest over a fixed time. Seems simple, right? Wrong. Brace up, because things can go sideways, and fast.

Why the Risky Lie, You Ask?

Sometimes, the allure of immediate financial boost gets the better of folks, encouraging them to make dicey ethical calls. But you gotta remember, these risky moves come with severe repercussions. Before putting your reputation and business on the line, ask yourself – is it really worth it? Remember, honesty may not dazzle, but boy, it sure keeps things uncomplicated in the long run.

Treading the Murky Waters of Deception

You see, most small business owners often confront a similar predicament when applying for a loan. The temptation to warp their financial situation to get a bigger loan is real and tough to resist. But here’s the deal – baring false info on a small business loan application can land you in choppy waters, and trust me, it’s not a situation you’d wanna be in.

The Common Fibs

From fudging income details, visa status, and assets, to providing shady employment info, misuse of the loan purpose, hiding family member’s details and lying about their debts or the deposit source – the false trail just goes on. Sure, these might get you a heftier loan, but take it from me, dishonesty always has a way of catching up.

Deception and Its Dire Consequences

Bluffs on the loan application are not going to go unnoticed. Lenders have got their own bag of tricks, like using red flags, encoding with hidden information, and data sharing with other financial bods to sniff out inconsistencies. And if the supporting documents like tax returns, bank statements, or pay stubs don’t match the info, they’ll cut through the deceit in no time.

Is the Daring Lie Worth It?

Remember, there are consequences to contemplate before taking that shady leap – denial of loan, serious legal repercussions, a soiled reputation, you name it. The takeaway? Transparency is your best bet. A successful and trustworthy business trump a duplicitous loan application any day.

The Unseen Enemy at the Gates

Current times are tough; businesses and households are drowning. Small businesses – the Unseen Heroes of our economy, are grappling for breather. With 44% economic activity and about 60% of the workforce in their fold, the COVID-19 pandemic has hit ’em particularly hard, fuelling the need for pandemic relief at an all-time high.

Desperate Times, Desperate Measures: Small Business Loans Step Up

The Small Business Administration (SBA) rose to the situation, allocating funds up to $2 million at a measly 3% interest as emergency aid to small businesses. But, before you hop on the bandwagon, be clear about your intent – SBA loans aim to provide aid and spur growth. Misuse of these funds can trigger an audit and could even slap charge of loan fraud.

Loan Fraud: Not to Be Taken Lightly

Loan fraud’s no joke. Falsifying facts on a federal loan application can be seen as a federal offense and might end you up behind prison bars or paying hefty fines. Be extra cautious to maintain accurate records of loan use and disbursement. Without these records, or if they’re inconsistent with the initial loan purpose, it could lead to grave accusations of money laundering, terrorism financing, or conspiracy.

A Deeper Peek Into Loan Terms

To provide relief during the pandemic, the government came up with Cares Act. Through the SBA, it offers two types of loans – the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDLP). Before taking the leap, have a full-proof plan for the funds and a realistic estimate of repayment. Many businesses accept loans sans understanding the terms and then default. So, do check the interest rate and monthly payment schedule, and who better than a legal eagle like Todd Spodek and the Spodek Law Group to guide you through, prevent suspicion of loan fraud and any potential audits.

Covering Your Back from Loan Fraud

Easy way out? Keep your business records – payroll, expense receipts, signatures handy and up-to-date. Stored in a safe corner or an online repository can ward off discrepancies in your loan application. Also, some loan programs come with audit protection, offering additional cover-up for businesses with skeletons in their closets. Even with such precautions, if you still find yourself in a soup over loan fraud charges, don’t fret. The Spodek Law Group’s got your back.

Facing SBA Loan Fraud Charges

Charges of SBA loan fraud are serious. They could see you in jail for 30 long years, depending on the level of charges. In times like these, weigh your options carefully. Be sure why the loan is crucial and if there are other ways to get the money. Using the loan for personal use or anything outside its purpose like keeping operations afloat or making payroll, could trigger a federal probe and criminal penalties.

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I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

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It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

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After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

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