News & Analysis as of

Paycheck Protection Program (PPP) Borrowers Department of Justice (DOJ)

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Bass, Berry & Sims PLC

COVID-19 Relief Enforcement Actions Highlight Ongoing Risk

Bass, Berry & Sims PLC on

The Department of Justice (DOJ) continues to demonstrate its sustained interest in COVID-19 relief fraud as an enforcement priority and we can expect to see persistent enforcement in this area....more

McDermott Will & Emery

SBA PPP Loan Concerns Linger for Small Businesses

McDermott Will & Emery on

Many small businesses continue to face uncertainty over whether the Small Business Administration (SBA) will grant forgiveness of their Paycheck Protection Program (PPP) loans. Despite the vast majority of small businesses...more

Buchalter

PPP Fraud Enforcement Shows No Signs of Slowing

Buchalter on

After dozens of high-profile criminal prosecutions and a growing wave of civil investigations, the Department of Justice’s (“DOJ”) Covid-19 Fraud Enforcement Strike Force is poised to continue its pursuit of fraud, abuse, and...more

Orrick, Herrington & Sutcliffe LLP

DOJ Appears to Shift Focus to Lenders in Paycheck Protection Program Investigations: What You Need to Know

The Department of Justice appears to be shifting its focus from investigating fraudulent behavior by Paycheck Protection Program (PPP) borrowers to investigating lenders and related institutions....more

Fox Rothschild LLP

Federal Reserve Board Fines Bank for Processing PPP Loans That Had Signs of Fraud

Fox Rothschild LLP on

In its first enforcement action related to COVID-19 government aid programs, the Federal Reserve Board recently announced that it has fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program...more

Troutman Pepper

Could PPP Lenders Be Liable for Borrower Misrepresentations?

Troutman Pepper on

On December 8, the U.S. Small Business Administration (SBA) issued a statement regarding its intent to investigate certain participants in the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and...more

Morrison & Foerster LLP

DOJ Enforcement Actions Involving COVID-19 Relief Fraud: An Update (September 2021)

As the COVID-19 pandemic continues, so does Department of Justice (DOJ) enforcement of COVID-19-related fraud. In our first alert on this topic, in May 2020, we tracked early fraud cases involving the Coronavirus, Aid,...more

Fox Rothschild LLP

Paycheck Protection Program-Related Convictions Result In Harsh Federal Prison Sentences

Fox Rothschild LLP on

The U.S. Department of Justice took several victory laps this month, touting long prison sentences it has secured for COVID-19 related fraud. These prison terms send a clear message to any individual or business that...more

Vinson & Elkins LLP

A Second Wave Of COVID-19 Fraud Enforcement: An Emerging Risk For Businesses

Vinson & Elkins LLP on

On March 26, 2021, the Department of Justice (“DOJ”) issued a press release trumpeting the agency’s “historic level of enforcement action” in response to COVID-19 related fraud. Roughly one year after Congress passed the $2.2...more

K&L Gates LLP

HUB Talks: Voluntary Disclosure: Deep Dive - They Still Know What You Did Last Summer—Phase 2 of the U.S. Government's Response to...

K&L Gates LLP on

In this second episode of our series on the government's response to the Paycheck Protection Program, white collar practitioners Chris Nasson, David Rybicki, Neil Smith, and Hayley Trahan-Liptak discuss the second phase of...more

Perkins Coie

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

Perkins Coie on

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

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

Troutman Pepper

Borrower Beware: First False Claims Act PPP Loan Fraud Settlement Signals More to Come

Troutman Pepper on

The Department of Justice (DOJ) entered into its first civil settlement for loan fraud involving the Paycheck Protection Program (PPP). On January 12, the U.S. Attorney’s Office for the Eastern District of California...more

Cooley LLP

Blog: DOJ Announces First Civil Settlement for PPP Fraud

Cooley LLP on

After bringing dozens of criminal charges against Paycheck Protection Program loan recipients in recent months, on January 12, the US Department of Justice announced its first civil settlement resolving allegations of PPP...more

Jones Day

Six Months of COVID-19 Relief: Enforcement and Litigation Trends for Borrowers

Jones Day on

An uptick in fraud prosecutions and litigation has historically followed federal crisis relief programs. In addition to this historical trend, the attention fraud related to the novel coronavirus ("COVID-19") has garnered...more

Ballard Spahr LLP

PPP Lenders and Fraudulent Borrowers: False Claims Act Liability and AML Risk

Ballard Spahr LLP on

Can BSA/AML Requirements Lead to Deemed Knowledge of Borrower Fraud? The first two weeks of August brought a milestone of sorts in the ongoing recovery from the economic downturn brought on by the COVID-19 pandemic. The...more

Burr & Forman

United States Department of Justice Opens Investigation Into PPP Loans and Borrowers

Burr & Forman on

The U.S. Justice Department has opened an investigation into businesses and self-employed individuals that applied for loans under the Paycheck Protection Program. Over $500 million in loans to over 4.6 million businesses and...more

Lowenstein Sandler LLP

SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple...

Lowenstein Sandler LLP on

Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more

Pillsbury Winthrop Shaw Pittman LLP

Implications of PPP Certifications for D&O Coverage

Check your D&O Policy carefully before signing. In the coming months, we will inevitably see new charges brought by the DOJ against borrowers for false statements made in PPP loan applications....more

Bass, Berry & Sims PLC

Update: Investigations Under the CARES Act Ramp Up Even as Oversight Roles Remain Vacant

Bass, Berry & Sims PLC on

The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) injected previously unthinkable amounts of stimulus funds into the struggling U.S. economy. To oversee the disbursement of these funds and to...more

Lowenstein Sandler LLP

How To Avoid Federal Criminal And Civil Penalties In Connection With Applications For PPP Loans

Lowenstein Sandler LLP on

The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is a forgivable loan program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The purpose of the PPP, which has a $349...more

22 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