Ohio PPP and EIDL Loan Fraud Lawyers
So here’s the deal, that old coronavirus pandemic, it hit businesses—and I mean hard, especially the smaller ones. To help ’em out, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and with it came the birth of the Paycheck Protection Program (PPP). This bad boy authorized a gigantic sum of over $950 billion in forgiveable loans to help keep the doors of small businesses wide open and to keep their workforce chugging on.
But we live in the real world, don’t we? And in the real world, where there’s a large sum of money, there’s bound to be some sneaky fraud taking place. The government was onto it pretty quickly and found that some sly dogs were trying to get themselves fat PPP loans by bending the law. In response, the government’s cracking down, launching investigations and prosecutions to make sure the guilty parties answer for their actions.
Now, if you—or your business—is coping with PPP loan fraud charges, I totally get it, it’s one helluva ride and stressful as heck. But it’s crucial to keep in mind that you’ve got legal options and defenses up the wazoo. One defense might be that you had no intention to deceive or trick anyone. Maybe you accidentally provided some false information. Or another possible defense could be that the Small Business Administration goofed up.
As attorneys, we understand what a labyrinth these PPP loan fraud cases can become, and how serious the situation really is. The minute you hire Todd Spodek of the Spodek Law Group, we’ll start to gather the necessary info, including all the evidence that the government’s been stacking against you, so we can review if you’ve got a strong defense. We’ll reach out to the federal prosecutor or their gang assigned to your case and surprise them with some info they haven’t even thought of!
There’ve been cases of PPP loan fraud that include anything from loan application fraud, loan stacking, fraudulent loan certification, to using funds for uses not eligible, and even concealing or misrepresenting information during an audit. If you’re convicted, well, you could be staring at charges like making a false statement, bank fraud, wire fraud and more. We’re talking big fines and a long stint behind bars.
Don’t go it alone, my friend. Let our team of top-notch criminal defense lawyers fiercely negotiate on your behalf, and if we’ve gotta, we’ll defend you in the courtroom. We’ve got the know-how and the experience to turn the government’s tactics to your advantage. Don’t wait, get in touch today.
This Paycheck Protection Program (PPP), it’s a lifeline for struggling small businesses hit by the blow of the COVID-19 pandemic. But some folks just see it as a chance to make a quick buck. Let me be clear, PPP loan fraud, the act of squeezing money out of the CARES Act under false pretenses, is a federal crime under the Small Business Act. If you’re caught and convicted, you could be looking at fines, prison time, and coughing up the money you stole.
PPP loan fraud could involve fibbing on your application or artificially inflating securities – both considered serious felonies with steep penalties. Hell, they might cost you $5,000 and/or 2 years inside, and that’s just for starters! If they nab you for embezzlement, well, you’re looking down the barrel of a $10,000 penalty and/or 5 years. Then once that smoke clears, you’ll still be stuck with paying back every dime of the money you got your hands on.
But, facing such charges doesn’t mean you’re outta luck just yet. If you can prove you never meant any harm, that all the false info was due to a stress-fueled, honest mistake or that the SBA screwed up somewhere, you might get off the hook. Sometimes, the ol’ SBA slips up, you know? And if you’ve got a paper trail – think email communications, voicemails, bank statements, accounting notes, receipts and bills – you might just be able to clear your name.
Do note, though, that most federal criminal records are there to stay, and the immigration consequences of CARES Act fraud can be devastating. A fraud conviction amounting to more than $10,000 could even get non-citizens deported.
Look, the Paycheck Protection Program is a godsend for all the small businesses trying to keep afloat amidst this pandemic—but some folks just have to exploit it, don’t they? Gotta say, the SBA’s Office of Inspector General is doing a swell job, dishing out 11 reports detailing widespread fraud and abuse in the program and referring dozens of suspicious cases to the Department of Justice for a good grilling. It’s on us to band together and ensure small businesses get the support they need without fraudsters getting in the way.