HAVE YOU BEEN CHARGED WITH PPP Loan Fraud?
Have you or someone you know been charged with PPP loan fraud in Dallas, Texas or surrounding areas and are looking for a criminal defense lawyer? Gregg Gallian, a former prosecutor who is known for relentlessly and fiercely defending his clients in federal court is your best choice to defend you against PPP fraud charges. A single phone call to Gallian Firm means a confidential, free consultation and case review. A conviction in court for PPP loan fraud can result in potentially disastrous consequences for you and your future, including ample time in jail and hefty fines.
WHAT IS PPP LOAN FRAUD?
PPP Loan Fraud is one of the many federal crimes small business owners face almost a year after the COVID-19 pandemic. While the Paycheck Protection Program helps keep many businesses open, others see it as an opportunity to misuse the funds.
Around 15% of PP loans have suspected fraud, meaning some businesses that needed help couldn’t get it. The feds are not happy about this. If you fraudulently benefitted and know someone who was not able to benefit from the PPP loan program and needed it, things could get messy. They could have already reported you to the federal government. There is even an anonymous tip line to report suspected PPP fraud to the federal government.
If you are even in this situation, you will want to contact Gallian Firm immediately. If you have been accused but not charged, it is worth the call . And you will want to keep reading.
PPP Loan Fraud Carries MAJOR FINES & Penalties
There are notable fines and penalties attached to PPP loans. One of many federal crimes is applying to the paycheck protection program with false statements. In an attempt to defraud the Small Business Administration or a financial institution, you could face up to 30 years in prison.
You could also pay $1,000,000 for this exact crime. Some businesses went to great lengths to obtain PPP loans and stole the identity of others. The aggravated identity theft charge is a felony offense with a two-year prison term.
Misusing PPP Loans IS SEEN BY THE FEDS AS HURTING Small Businesses
According to researchers, around $76 billion in PPP loans were taken out illegitimately. That’s nearly 10% of the funds from the loan program with an almost $800 billion dollar budget. Many small businesses were denied loans due to the funds running out, which means those who committed PPP Loan fraud are viewed as hurting small businesses. To an organization like the US Small Business Administration (SBA), this is reprehensible and they are beginning to pursue claims of fraud with fervor, even though many think that they are “out of the woods” from being charged.
BE AWARE: THe SBA Is Still Auditing PPP Loans
All companies that received $2 million or more in PPP loans are subject to audit by the Small Business Administration. Other investigation divisions by the SBA, the U.S. Department of Justice (DOJ), and various federal agencies investigate recipients suspected in PPP loan fraud cases.
The SBA has stepped up audits and investigations in 2022 and is suspected to increase investigations in 2023.
Around 15% of PP loans have suspected fraud, meaning some businesses that needed help couldn't get it. The feds are not happy about this. If you fraudulently benefitted and know someone who was not able to benefit from the PPP loan program and needed it, things could get messy. They could have already reported you to the federal government. There is even an anonymous tip line to report suspected PPP fraud to the federal government. If you are even in this situation, you will want to contact Gallian Firm immediately. If you have been accused but not charged, it is worth the call.
TYPES OF PPP LOAN FRAUD
There are many types of PPP loan fraud, but here are a few:
PPP LOAN data breach scams
When the paycheck protection program emerged, fraudsters took the opportunity to target small businesses with scams. Through various schemes, they attempted to gain sensitive data, banking and financial details, and other personally identifiable pieces of information.
Any of these scams can lead to investigations and serious charges for which you will need a PPP fraud criminal defense lawyer like Gallian Firm.
PPP Loan Forgiveness Scams
Another portion of the PPP Loan that some attempted to defraud was the forgiveness application. PPP Loan Forgiveness was for loan recipients to apply for financial relief to repay the loan. Yet, some used this as an opportunity to forgive the funds they took illegally.
PPP APPLICATION FRAUD
You can also be charged for misrepresenting or misstating facts about your business or identity that were material in obtaining a PPP loan. Fraud charges can also be applied for any waste, mismanagement, or misconduct involving any SBA programs, including the PPP loan program.
ARE YOU SUSPECTED OF PPP LOAN FRAUD?
PPP loan fraud is a serious accusation that you don’t want on your record. While you can apply for PPP loan forgiveness, it can be a complicated process. The PPP loan forgiveness application most likely won’t be processed with any suspicion of fraud.
Call PPP Loan Fraud Defense Lawyer Gregg Gallian Today
If you are concerned about PPP Loan Fraud, one of the best things you can do is consult with a PPP loan fraud lawyer, who knows the ins-and-outs of federal law and federal fraud law. When you feel confident that you are ready to proceed if you have been charged, hire a criminal defense attorney. Once you do so, be prepared to ask questions to ensure you hire the right attorney.
Our office of attorneys has years of experience and can review your PPP Loan Fraud case for free. Reach out today to get started!