NEW JERSEY CRIMINAL LAWYERS

Arkansas PPP and EIDL Loan Fraud Lawyers

What You Must Know When Investigated for PPP Loan Fraud by the DOJ

The Paycheck Protection Program (PPP) was enacted to provide a lifeline to businesses that were struggling during the COVID-19 pandemic. However, this program has now become a haven for fraudulent activities. Several businesses and individuals are facing accusations of using loan funds wrongly or abusively obtaining loans under false pretenses. These developments have resulted in widespread publicity concerning PPP loan fraud, causing the United States Department of Justice (DOJ) to take up investigations and prosecute those found responsible. If you’re under investigation by the DOJ regarding PPP loan fraud, here’s what you need to know.

Investigation of PPP Loan Fraud by the DOJ

The DOJ is working with several federal agencies, including SBA-OIG, FDIC-OIG, FBI, and IRS-CI, to identify and prosecute persons or companies suspected of fraud. It’s currently concentrating on investigating false PPP loan forgiveness certifications, fraudulent loan applications, and misuse of program-obtained funds.

Risks Involved in Accusations of PPP Loan Fraud

Individuals or firms accused of PPP loan fraud can face criminal charges under various federal statutes such as making false statements or reports to SBA; aggravated identity theft; tax evasion; bank fraud; wire fraud; attempting to commit PPP loan fraud; conspiracy; and making false statements to federal agents. Conviction may result in severe consequences like fines, imprisonment, or reimbursement of fraudulently obtained funds. Additionally, civil violations of False Claims Act could lead to enormous fines, treble damages and make businesses ineligible for federal programs.

Defense Strategies against Accusations of PPP Loan Fraud

Businesses or individuals accused of PPP loan fraud can seek legal defense strategies such as arguing they complied with the terms of their loans; no intent existed to defraud anyone; providing a lack-of-evidence defense against allegations made. Hiring an experienced lawyer skilled in PPP loan fraud allegations is essential when contacted by the DOJ regarding PPP loan fraud. An accomplished attorney can develop a favorable defense strategy that upholds your legal rights, enables you to navigate these complex allegations, and avoid the worst outcomes.

Why Experienced Legal Counsel is Critical in PPP Loan Fraud Cases

Hire experienced legal counsel if you’re under investigation for PPP loan fraud. At Todd Spodek’s firm, we know the significant risks for businesses and individuals facing PPP loan fraud accusations. We provide personalized attention to our clients and offer guidance on navigating this complex web of charges.

Our firm has years of experience handling various federal criminal cases, including those involving fraud charges. We work tirelessly to help our clients receive favorable results in their cases by protecting their legal rights.

Concluding Thoughts

Allegations of PPP loan fraud have life-changing consequences on executives or business owners. When facing a DOJ investigation regarding PPP loan fraud, you must act promptly to lessen any legally harmful impact related to such investigations. It will be helpful if you engage the services of a reliable federal criminal defense attorney for assistance with advice and navigational support. At Todd Spodek’s firm, we are committed to obtaining the possible results in defending your legal rights against allegations of PPP Loan Fraud made against you or your business.