Investigators are on the Hunt for PPP Loan Fraud
The estimates for PPP Loan Fraud keep rising. The latest estimate is that PPP Loan Fraud could represent $200 billion in fraudulent loans. PPP Loan Fraud can include a number of serious crimes, including complex Federal charges such as wire fraud, bank fraud and false statements to a financial institution.
If you are being investigated for PPP Loan Fraud you should retain an experienced PPP Fraud Lawyer immediately who is well versed in fighting Federal charges for PPP Loan Fraud. Federal Officers from the US Attorneys, IRS, SBA and local law enforcement are looking to investigate and bring charges for PPP Loan Fraud.
What is The Paycheck Protection Program? (PPP)
The Paycheck Protection Program was established to support small businesses through the pandemic. Since the program rolled out, fraud investigations have been ongoing. The U.S. Small Business Administration (SBA) has made a database of PPP loans available, and websites such as ProPublica have set up easily searchable versions of the database that the public has been using to scan for suspicious patterns.
There has been a massive deluge of cases and convictions of people accused of PPP Loan fraud. Though it’s easy to spot suspicious patterns in the data, it is more difficult to prove a crime. Often, people accused of PPP Loan Fraud are themselves a victim of identity theft. Many business owners have found themselves investigated for white collar crimes that were committed using stolen business and personal identities. Investigators are on the hunt for tips and going deeper with their investigations.
What is PPP Loan Fraud?
Fraudulent Pandemic loans were obtained through the PPP (Paycheck Protection Program) loans and the EIDL (Economic Impact Disaster Loan) relief loans and grants. PPP funds were issued through SBA approved financial institutions. Misrepresenting your business in communications with a bank could leave you open to extremely serious accusations such as bank fraud, wire fraud and making false statements to an FDIC insured financial institution or many other federal agencies. In addition you could be charged with conspiracy to commit a crime, identity theft and other related crimes, such as money laundering.
These crimes are among the most serious white collar crimes you can be accused of. An individual convicted of wire fraud can be sentenced to up to 20 years in prison and fined up to $250,000 for each count of wire fraud. Bank fraud penalties can be even more severe, with imprisonment of up to 30 years and a fine of $1 million.
Hire A PPP Loan Fraud Criminal Defense Attorney
PPP Loan Investigations will be ongoing for a long time to come. Investigators are sifting through the data and arrests and convictions will result. If you believe you are being investigated for PPP Loan Fraud, you should act without delay to protect yourself. If prosecutors can secure a conviction your life will change irrevocably and in addition to prison sentences you could be compelled to pay substantial fines.
Hiring an experienced PPP loan fraud lawyer and white collar crimes defense attorney is essential. To prove a crime beyond reasonable doubt the prosecution must have evidence that goes beyond suspicious patterns in the data. An experienced criminal defense attorney will defend your rights in court and scrutinize all the evidence against you. At Dhar Law, LLP, we are award winning white collar defense attorneys who have defended countless serious crimes in state and federal court. If you or someone you know is being investigated for PPP Loan Fraud, please don’t hesitate to contact our experienced criminal defense team immediately.
