Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.
Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.
Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.
Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
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Last Updated on: 28th July 2023, 07:21 pm
The Paycheck Protection Program (PPP) loan fraud is a federal crime under the Small Business Act, and it is a serious matter. Obtaining money through false pretenses through the CARES Act is a federal felony, and it carries a potential prison time, fines, and repayment of the loan. As of April 2020, eligible small businesses can obtain up to $10 million to cover payroll, mortgages, rent, and utilities for eight weeks. And the government will forgive the debt if the money goes towards these “qualified expenses.”
However, not all businesses affected by COVID-19 and with fewer than 500 full-time employees are eligible for CARES relief. Cheating the Small Business Administration (SBA) out of this stimulus money is not only illegal but it also puts a burden on the government and the taxpayers.
The sentence for PPP loan fraud depends on the specific offense, such as making false statements, or overvaluing securities. These offenses carry a felony sentence of $5,000 and/or 2 years in Federal Prison. Embezzlement carries a felony sentence of $10,000 and/or 5 years in prison. Plus, the defendant will need to pay restitution.
People facing PPP loan fraud charges can argue that either:
The defendant had no intent to defraud; or The SBA made a mistake
For example, if a business owner accidentally provided false information on their loan application, they would not be criminally liable as they had no intent to defraud. And during this time of heightened stress, mistakes are inevitable.
Similarly, if the SBA made a mistake, the business owner should keep all their records such as email communications, voicemails, bank statements, accounting notes, receipts, and bills as these may serve as valuable proof of the defendant’s innocence if the government levies a false accusation.
In most cases, federal criminal records are unsealable, and for non-citizens convicted of CARES Act fraud, they are vulnerable to deportation. Alien facing criminal charges are encouraged to consult with legal counsel as soon as possible.
The Paycheck Protection Program was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The PPP offered businesses up to $2 million in loans, with no interest or principal due for the first 12 months. The loans were guaranteed by the U.S. Small Business Administration (SBA), were to be used for payroll, rent, utilities, and other essential expenses.
However, with lenders overwhelmed by applications, little regulation in place, and many businesses left out in the cold, accusations of fraud soon followed. To date, the SBA’s Office of Inspector General has issued 11 reports detailing widespread fraud and abuse in the PPP loan program.
In conclusion, PPP loan fraud is a serious matter and it is important for businesses to be aware of the eligibility criteria and the consequences of misrepresents facts to the federal government. And for those facing PPP loan fraud charges, it is important to consult with legal counsel as soon as possible.
The Paycheck Protection Program (PPP) was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide urgent financial relief to American businesses struggling during the pandemic. With over $950 billion in forgivable loans available, small businesses were given the opportunity to maintain their workforce, access working capital, and keep their operations running smoothly.
However, as the government began distributing these funds, it quickly became apparent that a significant portion of the money was being obtained fraudulently by parties who didn’t qualify for the loan. In response, the government launched vigorous investigations and prosecutions of PPP loan fraud, dedicating entire sections of the Department of Justice to these efforts.
If you find yourself facing PPP loan fraud charges, it’s essential to retain experienced legal representation as soon as possible. Our law firm will gather all the necessary information and evidence, review your case, and work closely with the federal prosecutor or agents assigned to your case to provide them with information that can positively impact your case.
It’s not uncommon for us to reach a resolution that doesn’t involve formal criminal charges. However, if charges have already been brought against you, our criminal defense attorneys are prepared to aggressively negotiate and defend you at trial. We know what the government looks for in PPP loan fraud cases, and we will use this knowledge to your advantage.
Examples of PPP loan fraud include, but are not limited to: -Loan application fraud: falsifying eligibility information on loan applications. -Loan stacking: receiving PPP loans from multiple lenders. -Fraudulent loan certification: knowingly certifying inaccurate statements. -Using funds for ineligible purposes: using PPP funds for anything other than payroll, mortgage interest, rent, or utilities. -Concealing or misrepresenting information during an audit: providing false information or concealing pertinent information during an audit or investigation.
PPP loan fraud charges may result in one or more of the following charges: -Making a false statement -Bank fraud -Wire fraud
These charges can carry severe penalties such as severe fines, home detention, community confinement, paying the cost of prosecution, forfeitures, restitution, supervised release, and lengthy imprisonment. For immigrants, the consequences of a fraud conviction can be serious, as fraud involving more than $10,000 is an aggravated felony and a crime involving moral turpitude, making non-citizens vulnerable to deportation.
Don’t wait to take action, contact our firm today. We are ready to fight for your rights and defend you against these serious allegations.
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