News & Analysis as of

Loans Small Business Administration Fraud

Ballard Spahr LLP

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy

Ballard Spahr LLP on

In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss...more

Mintz - Health Care Viewpoints

Acting U.S. Attorney Levy Forecasts False Claims Act COVID Cases Targeting Private Lenders Of CARES Act Loans That Failed In Their...

Acting U.S. Attorney Joshua Levy discussed the enforcement priorities for the Massachusetts U.S. Attorney’s Office (USAO) during a Q&A session on May 29, 2024, and made clear that the historical focus of the office remains...more

Lippes Mathias LLP

The Rise and Fall of the Paycheck Protection Program

Lippes Mathias LLP on

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans,...more

K&L Gates LLP

Up Next: Lenders May Be the Next Government Focus for PPP Fraud

K&L Gates LLP on

INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing an approximately US$2.3 million civil...more

Morrison & Foerster LLP

Biden Administration Extends Statute of Limitations for PPP and EIDL Fraud to Ten Years

Two weeks ago, President Biden signed two laws extending the statute of limitations for civil and criminal fraud actions involving the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to ten years....more

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

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

Bradley Arant Boult Cummings LLP

Government Ramps Up Enforcement Efforts on COVID-19 Relief Fraud

The federal government is substantially ramping up its enforcement of COVID-19-related fraud. In a press release issued yesterday, the United States Secret Service announced the naming of a “National Pandemic Fraud Recovery...more

Wiley Rein LLP

PPP Borrowers Beware: More Money Can Lead to More Problems

Wiley Rein LLP on

Since the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) rollout in the early months of the COVID-19 pandemic, lenders have approved more than 9.8 million loans, totaling more than $762 billion, to...more

K&L Gates LLP

COVID-19: Financial Institutions and Loan Recipients Will See Increased Congressional and Inspector General Investigations on...

K&L Gates LLP on

The economic response to the pandemic will continue to generate significant investigative scrutiny by Congress, inspectors general, and law enforcement—likely for years to come. The House Select Subcommittee on the...more

Morrison & Foerster LLP

DOJ Enforcement Actions Involving COVID-19 Relief Fraud: An Update

Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related...more

K&L Gates LLP

They Know What You Did Last Summer: DOJ Announces First Civil Settlement Involving PPP Borrower

K&L Gates LLP on

The long-anticipated wave of civil enforcement actions involving participants in the Paycheck Protection Program (PPP) has begun. On 12 January 2021, the U.S. Department of Justice (DOJ) announced the first civil settlement...more

BakerHostetler

Important Lessons from the DOJ's First Civil Action for CARES Act Loan Fraud

BakerHostetler on

On January 12, 2021, the Department of Justice (the “DOJ”) settled its first civil action for alleged fraud against the Paycheck Protection Program (the “PPP”) – the primary lending program under the Coronavirus Aid, Relief,...more

K&L Gates LLP

2021: A New Year, the Same Fear - Why Companies Should Expect a Wave of PPP Investigations

K&L Gates LLP on

Four months after the expiration of the $659 billion forgivable loan relief program established by the CARES Act, the federal government has disbursed approximately 5.2 million Paycheck Protection Program (PPP) loans....more

Arnall Golden Gregory LLP

Where Did the Money Go? The Government’s Review and Investigative Plans for PPP Loan Fraud Take Shape

Six months into the largest and most extensive economic relief program in American history, the Department of the Treasury (Treasury) and the Small Business Administration (SBA) are now grappling with the potential for fraud...more

Oberheiden P.C.

SBA Loan Fraud Defense—How to Defend Against an Indictment

Oberheiden P.C. on

Tips on Preparing to Defend Against Allegations of SBA Loan Fraud During the COVID-19 Crisis - Federal emergency relief legislation—including the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”)—has...more

Fox Rothschild LLP

Early Cases Demonstrate The Justice Department’s Commitment To Aggressively Prosecute PPP Loan Fraud

Fox Rothschild LLP on

Shortly after the Small Business Administration began accepting applications for Paycheck Protection Program (PPP) loans, two Rhode Island businessmen quickly applied for a combined $543,881 from the program. A few days...more

K&L Gates LLP

COVID-19: PPP Loan Borrowers - Your Information May Now Be Public

K&L Gates LLP on

On 19 June 2020, in a major reversal of the U.S. Department of the Treasury’s (Treasury) previous position, the U.S. Small Business Administration (SBA) and Treasury announced that they will publicize additional data...more

17 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide