Last Updated on: 28th July 2023, 07:20 pm

The banking and financial industries are among the most heavily regulated by the federal government, particularly when it comes to financial programs designed to assist businesses and individuals during national crises like the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, for example, allocated a staggering $250 billion in federal funding to the Paycheck Protection Program (PPP) with the sole purpose of helping small to medium-sized businesses negatively impacted by the pandemic to survive and pay their bills. Additionally, the government also passed the Economic Injury Disaster Loan (EIDL) program, which provides yet another source of funding for small businesses.

But, if you’ve received any of these SBA loans, PPP, or EIDL and are now facing prosecution for fraud, you are not alone. Federal Defense Attorney Michael J. Petro can assist you in handling your case, whether it is fair or not. The CARES Act distributed billions of dollars with minimal oversight and often-confusing guidelines on who was qualified to receive funding. Now, the government is cracking down on those they feel wrongfully received PPP or EIDL, and if you or your business are being targeted by law enforcement, you must seek federal criminal defense help immediately.

Are you facing bank fraud charges as a result of your SBA loans? To identify bank fraud, all federal loan programs are governed by legal requirements. PPP and EIDL programs are no exception. If the government believes that you misrepresented, submitted documentation with deliberate or unintentional errors, or omissions that wrongfully led to the approval and receipt of PPP or EIDL funding, you may face federal bank fraud charges.

One of the biggest ways to get in trouble is to have lied on your application to meet the criteria for the PPP or EIDL programs. Many businesses may not have quite fit the designated requirements, and some may have falsified information on their PPP or EIDL applications to meet the criteria and receive the assistance. If you are being prosecuted for misrepresenting your business information on your application, you must seek federal criminal legal counsel. Misrepresentation of information on your application is one of the most likely reasons you will face prosecution for SBA loan fraud.

Another common reason to be under investigation for SBA loan fraud is “loan stacking”. In other words, filing multiple applications for loans or funds and accepting the money from both of them. During the COVID-19 pandemic, it wasn’t uncommon for small businesses to be confused about the PPP or EIDL process, and the funding was hard to get a hold of until more funding was issued. Many small businesses had to apply for PPP loans through multiple lenders to try to secure funding, and some may have knowingly or unknowingly accepted funds from multiple lenders, essentially double-dipping.

If you or your business are facing federal loan fraud charges for SBA loans, PPP, or EIDL, you should immediately seek knowledgeable federal criminal defense counsel. Federal loan rules and requirements are difficult to understand, and Michael J. Petro can help you navigate your case and achieve the best possible outcome. Protect your business and yourself. Contact a federal criminal defense attorney with experience in SBA loan fraud cases.

San Antonio PPP Fraud Lawyers

The banking and financial industries are among the most heavily regulated sectors, particularly when it comes to financial programs designed to distribute funds to businesses and individuals during national crises, such as the COVID-19 pandemic. With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, nearly $250 billion was allocated to the Paycheck Protection Program (PPP) – a program specifically created to help small to medium-sized businesses weather the economic turmoil caused by the pandemic and keep their bills paid.

In addition to the PPP, the Federal Government also established the Economic Injury Disaster Loan (EIDL) program as another source of funding for small businesses. However, with the influx of funding came increased scrutiny, and now, those who the government believes may have fraudulently received PPP or EIDL funds are facing prosecution.

If you are among those being investigated or prosecuted for SBA loan fraud, PPP fraud, or EIDL fraud, it is crucial that you seek legal representation immediately. Federal Defense Attorney Michael J. Petro has extensive experience in defending clients facing federal loan fraud charges.

One of the most common reasons for prosecution is material misrepresentations on SBA loan applications. Many businesses may have falsely inflated information on their applications to meet the criteria for PPP or EIDL funding. Additionally, “loan stacking” – the act of applying for and accepting funds from multiple loans or programs – is another frequent cause of investigation.

Our team of PPP fraud attorneys will work closely with you to build the strongest case possible, whether that means negotiating with the prosecution to dismiss unlawfully obtained evidence, gathering evidence to strengthen your defense, or representing you in court. We understand the complexities of federal loan laws and regulations, and we will use our knowledge to defend you at every stage of the process.

If you find yourself under investigation for PPP fraud, it is essential that you exercise your right to remain silent and contact a PPP loan fraud lawyer as soon as possible. Your attorney will protect your rights and guide you through the criminal justice system. Additionally, providing your attorney with documentation, including your PPP loan application and records of legitimate business expenses, will help to strengthen your case.

Don’t wait to seek legal representation if you’re facing prosecution for SBA loan fraud or PPP/EIDL fraud. Contact federal criminal defense attorney Michael J. Petro today to protect your business and defend your rights.