News & Analysis as of September 27, 2024

Paycheck Protection Program (PPP)

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PPP Loan Prosecutions Appear to Be in the Technical Non-Compliance Phase

Arnall Golden Gregory LLP on 5/22/2024

On March 27, 2020, the CARES Act was signed into law to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic, including in the form of forgivable loans to small...more

False Claims Act Enforcement Highlights Need for Robust Compliance Programs

Harris Beach PLLC on 3/8/2024

The U.S. Department of Justice (“DOJ”) announced its False Claims Act (“FCA”) enforcement statistics for FY 2023 and identified key priorities for FCA enforcement in 2024 and beyond. The DOJ continues to pursue FCA...more

CARES Act appeals: Key steps in addressing denials and repayments

Health Care Compliance Association (HCCA) on 12/14/2023

With the onset of the COVID-19 pandemic, Congress initiated several programs to help businesses weather the difficult economic conditions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided two of these...more

HHS Office of Inspector General August 2023 Enforcement Activity

Harris Beach PLLC on 9/8/2023

The following is a summary of selected federal Department of Health and Human Services’ Office of Inspector General (OIG) reports of fraud and abuse enforcement activity across the country. The enforcement actions reported...more

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on 4/20/2022

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Bank Fraud Involving PPP Loans Could Lead to Prison Time, Even for Relatively Small Advances

Fox Rothschild LLP on 1/13/2022

The U.S. Department of Justice has recently begun charging defendants with bank fraud in relation to Paycheck Protection Program loans as part of its continuing efforts to investigate and prosecute individuals for crimes...more

What’s in Store for White-Collar Enforcement in 2021 and Beyond

King & Spalding on 3/29/2021

Federal white-collar prosecutions declined considerably from 2010 to 2019, and likely fell even further last year after courts and government offices closed. But given the impending end of the pandemic, another surge of...more

Paycheck Protection Program Loan Forgiveness: Mandatory OSHA Compliance

Holland & Knight LLP on 3/19/2021

Employers are potentially eligible for a new round of Paycheck Protection Program (PPP) loans through the U.S. Small Business Administration (SBA). The SBA PPP loan application requires borrowers to certify that they are, to...more

DOJ’s First False Claims Act Settlement Against PPP Borrower Signals Robust Fraud Enforcement Ahead

Perkins Coie on 2/8/2021

As the government revives its Paycheck Protection Program (PPP) with hundreds of billions of dollars in additional loans available to small businesses, there are fresh signs that government fraud investigations and...more

Nutter Bank Report: October 2020

Nutter McClennen & Fish LLP on 10/29/2020

SBA Adopts Streamlined Loan Forgiveness Procedures for PPP Loans of $50,000 or Less - The U.S. Small Business Administration (“SBA”) has adopted an interim final rule to streamline the loan forgiveness application process...more

Navigating Existing "Future Debt Restrictions" After Obtaining PPP Loan

Rosenberg Martin Greenberg LLP on 7/13/2020

Many businesses that participated in the Paycheck Protection Program (“PPP”) may have inadvertently defaulted on some of their pre-existing credit facilities or outstanding loans. As has become standard within these debt...more

A Guide to Compliance Considerations for Health Care Providers: CARES Act, Payroll Protection, and Medicare Advance Payment...

Proskauer Rose LLP on 6/10/2020

[co-author: Daniel Weinstein] In response to widespread cash flow issues resulting from the COVID-19 public health emergency, Congress enacted two key pieces of legislation: the CARES Act and the Paycheck Protection...more

[Webinar] In the Trenches: Paycheck Protection Program (“PPP”) Loan Forgiveness - May 28th, 11:00 am - 12:30 pm EDT

Nelson Mullins Riley & Scarborough LLP on 5/22/2020

The Small Business Administration (“SBA”) recently issued a formal Paycheck Protection Program (“PPP”) Loan Forgiveness Application. We will highlight a number of key elements of the application. Additionally, we will review...more

Paycheck Protection Program: An Overview of Fair Lending Risks

Skadden, Arps, Slate, Meagher & Flom LLP on 5/19/2020

Since the Paycheck Protection Program (PPP) of loans guaranteed by the Small Business Administration (SBA) was originally rolled out on April 3, 2020, some advocates have expressed disappointment that Congress did not...more

Purchasing a Rolls-Royce Is Not a Permissible Use of PPP Funds

Foley Hoag LLP - White Collar Law &... on 5/17/2020

Federal prosecutors continued to quickly respond to PPP loan fraud, bringing two additional cases that allege clear misuse of the funds intended for small businesses. In one case, prosecutors in Georgia charged reality TV...more

FAQ 46 & 47: Crime & Punishment (or the Lack of Either) for PPP Loans Large and Small

Lowenstein Sandler LLP on 5/14/2020

With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13) to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately,...more

SBA Issues New Guidance Providing Safe Harbor for Paycheck Protection Program Loans Under $2 Million; Extends Repayment Deadline...

Greenbaum, Rowe, Smith & Davis LLP on 5/14/2020

The Small Business Administration (SBA) is providing ongoing updates to its guidance documents regarding the Paycheck Protection Program (PPP). While many questions remain regarding the loan program, on May 13, 2020 the SBA...more

Mitigation of Investment Adviser Business Interruption and Regulatory Noncompliance Risks Related to COVID-19—Update

Pillsbury Winthrop Shaw Pittman LLP on 5/8/2020

UPDATE: Since the publication of our Investment Adviser Alert, the staff of the SEC Division of Investment Management has issued several new and updated responses to Coronavirus (COVID-19) FAQs, expanding on prior guidance...more

COVID-19 Relief and Beyond: New Compliance Challenges

Pillsbury Winthrop Shaw Pittman LLP on 4/29/2020

COVID-19 stimulus payments come with restrictions and regulatory obligations. Legal and compliance teams should be alert for the obligations organizations will assume through their acceptance of CARES Act relief....more

COVID-19: Federal Regulators Provide Limited AML Relief in Coronavirus Response, and Limited Support for the Use of Technology in...

WilmerHale on 4/28/2020

In this alert, we summarize recent guidance from federal regulators and self-regulatory organizations - including the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), the Office of...more

Government Stimulus Spending Likely to Lead to False Claims Act Investigations and Enforcement Actions

Dechert LLP on 4/27/2020

Through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the federal government has passed an emergency stimulus package that will result in an unprecedented US$2 trillion infusion into the private and...more

Seyfarth Policy Matters Newsletter - April 2020 #3

Seyfarth Shaw LLP on 4/23/2020

Congress Replenishes Paycheck Protection Program (PPP) Through its Phase Four Coronavirus Relief Package. On Tuesday, via unanimous consent, the Senate passed the Paycheck Protection Program Increase Act of 2020...more

Senate Passes Another Round of Coronavirus Relief to Replenish the Paycheck Protection Loan Program and Other Programs;...

Seyfarth Shaw LLP on 4/22/2020

Summary - Late yesterday, the Senate passed the Paycheck Protection Program Increase Act of 2020. The measure appropriates a total of $484 billion, mainly to refund the Paycheck Protection Program (PPP), but also to provide...more

The CARES Act and Independent Schools: Compliance with Federal Laws After Taking Federal Loans | Insights

Holland & Knight LLP on 4/22/2020

Following the outbreak of the novel coronavirus (COVID-19), the federal government has provided financial assistance opportunities that may be available to private elementary and secondary independent schools under the...more

CARES Act: Non-Profit Employers’ Obligation for Unemployment Benefits Reimbursement

Foley & Lardner LLP on 4/16/2020

Under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the federal government will pay 50% of the reimbursable unemployment benefits from March 13, 2020 through December 31, 2020 for those non-profit...more

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Coronavirus/COVID-19 › Compliance › Paycheck Protection Program (PPP)

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