Boston PPP and EIDL Loan Fraud Lawyers
The Department of Justice (DOJ) has been relentlessly pursuing those accused of deceitfully obtaining loans from the Paycheck Protection Program (PPP). The PPP, established by the CARES Act and implemented by the Small Business Administration (SBA), was created to provide a lifeline to small businesses and organizations during the coronavirus pandemic (COVID-19). To date, over 5.2 million loans have been approved, totaling a staggering $525 billion in aid.
But as the PPP funds were distributed, the DOJ discovered a disturbing trend: individuals and organizations falsely filling out forms to obtain these crucial loans. In response, the DOJ has launched a full-scale investigation, working alongside other federal agencies such as the IRS, FBI, Postal Inspectors, FDIC, and FHFA. The result has been a slew of charges and arrests across the country.
It’s imperative to note that the PPP was specifically designed to prioritize the millions of Americans employed by small businesses, providing up to $659 billion towards job retention and other expenses. Eligible recipients include small businesses, nonprofit organizations, veterans organizations, tribal businesses, and self-employed individuals who meet program size standards. But as the DOJ continues to crack down on fraudulent activity, it serves as a reminder to all small business owners: these funds were intended to help keep you and your employees afloat during a trying time. Let’s ensure that the PPP funds are distributed fairly and to those who truly need it.
Boston PPP and EIDL Loan Fraud Lawyers
The Department of Justice (DOJ) has been on a relentless pursuit of those who deceitfully obtained loans from the Paycheck Protection Program (PPP). The PPP, established by the CARES Act and implemented by the Small Business Administration (SBA), was created to provide a lifeline to small businesses and organizations during the coronavirus pandemic (COVID-19). To date, over 5.2 million loans have been approved, totaling a staggering $525 billion in aid.
However, as the PPP funds were distributed, the DOJ discovered a disturbing trend: individuals and organizations falsely filling out forms to obtain these crucial loans. In response, the DOJ has launched a full-scale investigation, working alongside other federal agencies such as the IRS, FBI, Postal Inspectors, FDIC, and FHFA. The result has been a slew of charges and arrests across the country.
It’s imperative to note that the PPP was specifically designed to prioritize the millions of Americans employed by small businesses, providing up to $659 billion towards job retention and other expenses. Eligible recipients include small businesses, nonprofit organizations, veterans organizations, tribal businesses, and self-employed individuals who meet program size standards. But as the DOJ continues to crack down on fraudulent activity, it serves as a stark reminder to all small business owners that these funds were intended to help keep you and your employees afloat during a trying time. Let’s ensure that the PPP funds are distributed fairly and to those who truly need it, so that we can all weather this storm together.
When the pandemic of Coronavirus (COVID-19) swept across the United States, it wreaked havoc on businesses and individuals alike. Quarantine rules forced many to stay at home, and as a result, businesses struggled to survive as revenues dwindled and bills piled up. In an effort to provide some much-needed relief, the United States Government drafted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which aimed to support those whose livelihoods were being impacted by the fight against the virus.
However, amidst this crisis, some unscrupulous individuals saw an opportunity to take advantage of the system. Reports have surfaced of businesses submitting fraudulent claims or using the funds provided by the Paycheck Protection Program (PPP) in ways they were not intended for.
Under the False Claims Act (FCA), it is illegal to knowingly submit false claims to the government, and private citizens with knowledge of fraud or abuse may be able to file a “qui tam” whistleblower suit. Whistleblowers may be eligible for a significant portion of the money recovered and be protected from retaliation for filing a claim.
If you have insider information about fraud or abuse of a PPP loan, The Cashman Law Firm can help. As the DOJ investigates the applications for loans by many recipients, it’s essential to come forward and expose any illegal actions to ensure accountability and protect the integrity of the program.
The PPP program was created as a lifeline for struggling businesses, and it’s a shame that some individuals chose to exploit it for personal gain. But with the help of whistleblowers and the efforts of the DOJ, we can bring these criminals to justice and ensure that the aid reaches those who need it most.