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The DOJ’s Active Pursuit of PPP Loan Fraud: How the Government is Cracking Down on Fraudsters
The United States Department of Justice (DOJ) has been actively working to combat the spread of fraud in Payroll Protection Program (PPP) loan applications. Conducting comprehensive investigations and imposing charges, the DOJ has taken significant actions to punish those committing PPP loan fraud.
Why Investigations on PPP Loan Fraud are Critical
In response to the widespread fallout caused by the COVID-19 pandemic, the government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Payroll Protection Program. While this program was supposed to help small businesses, it became a target for fraudsters during the pandemic. In response, the DOJ has had to take swift action against PPP loan abuse.
Consequences of DOJ Investigations on PPP Loan Fraud
If you or your company is under investigation for PPP loan fraud by the DOJ, it can have serious implications. The agency is aggressively targeting individuals or companies that participate in submitting fraudulent PPP loan applications and who have illegally profited from them.
Defenses Against DOJ Investigations on PPP Loan Fraud
If you are a subject of a DOJ investigation for PPP loan fraud, possible defenses may still be available. You may assert that you followed all guidelines of the program and had no intent to deceive anyone or do anything wrong intentionally.
Potential Charges Against PPP Loan Fraudsters
The DOJ intends to penalize individuals and businesses that profit illegally from PPP loans by bringing multiple charges against them. Some potential charges that could arise from an investigation into PPP loan fraud include false statements, bank fraud, wire fraud, aggravated identity theft, tax evasion, false statements to federal agents, conspiracy, attempt crimes and False Claims Act violations.
Collaboration Between The DOJ And Other Federal Agencies
Besides conducting investigations into cases of potential fraudulent activities in connection with obtaining PPP loans directly by reviewing documents submitted as part of these programs applications, the DOJ has formed a cooperative relationship with other US federal agencies to tackle PPP loan fraud at every possible angle.
The following are some of the related cases of prosecution related to PPP loan fraud involving joint efforts between the DOJ and other federal agencies:
Miami Residents Charged With $3.9 Million Financial Relief Fraud Scheme
Eagle Pass Business Owners Arrested For PPP Fraud
Former CEO Pleads Guilty To Defrauding Covid-Relief Programs
In conclusion, the DOJ is taking an aggressive stance against individuals and businesses committing PPP loan fraud since its inception. Those who face DOJ investigations on PPP loan fraud may be subject to serious charges, however, it is important to note that they have legal defenses available and are entitled to seek help from experienced lawyers.
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