News & Analysis as of

Paycheck Protection Program (PPP) Small Business Administration Economic Injury Disaster Loans

ArentFox Schiff

Investigations Newsletter: Cooperation Spares Former NBA Shooting Guard From Prison

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Cooperation Spares Former NBA Shooting Guard From Prison - Former National Basketball Association (NBA) shooting guard, Antoine Wright, was sentenced to time served after he pled guilty to conspiracy and aggravated...more

ArentFox Schiff

Investigations Newsletter: Medical Device Company to Pay Over $700,000 To Resolve Criminal Allegations

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Medical Device Company to Pay Over $700,000 To Resolve Criminal Allegations - On January 4, 2023, a criminal information was filed in the Southern District of Illinois, in which Jet Medical Inc. (Jet), a medical device...more

Fox Rothschild LLP

House Subcommittee Singles Out Fintech Companies, Government Officials and PPP Lenders for Roles in COVID-19 Related Fraud

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The House Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released the final report on its investigation into the use and distribution of $5 trillion in federal pandemic-related aid,...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

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

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As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

Fox Rothschild LLP

New Interagency COVID-19 Fraud Strike Force Intensifies Investigations of Pandemic Relief Loans

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Vanessa R. Waldref, the U.S. Attorney for the Eastern District of Washington, recently announced the creation of a new interagency COVID-19 Fraud Strike Force to combat alleged fraud arising from the pandemic. One of its...more

McGuireWoods LLP

DOJ Ramps up Resources and Renews Focus on Combatting COVID-19 Related Fraud in 2022

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On March 10, 2022, the U.S. Department of Justice (DOJ) announced the appointment of Associate Deputy Attorney General Kevin Chambers to serve as the Director for DOJ’s COVID-19 Fraud Enforcement Task Force. In remarks...more

Morrison & Foerster LLP

Enforcement Against COVID-19 Related Fraud: Two-Year Anniversary Update

On the eve of the pandemic’s two-year anniversary, the U.S. Department of Justice (DOJ) released updated statistics on its efforts to combat COVID-19 related fraud and announced the appointment of a director of COVID-19 Fraud...more

Kaufman & Canoles

Bankruptcy Alert – When PPP Wasn’t Enough: Considerations for Lenders When PPP/EIDL Borrowers File for Bankruptcy

Kaufman & Canoles on

Travel back in time to the Spring of 2020: people are searching for toilet paper and spraying down their groceries with Lysol. In addition, lenders are tackling the new loan programs created under the CARES Act. Lenders are...more

Fox Rothschild LLP

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

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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

Fox Rothschild LLP

Federal Judges Imposing Increasingly Harsh Prison Sentences for Paycheck Protection Program Fraud

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The U.S. Department of Justice continues to seek long prison sentences for those convicted of COVID-19 related fraud. Recently, courts have agreed with prosecutors, and have issued increasingly lengthy prison terms to those...more

ArentFox Schiff

Investigations Newsletter: Fraud Scheme Results in $56 Million Seized as Largest Recovery of Cryptocurrency by US

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Fraud Scheme Results in $56 Million Seized as Largest Recovery of Cryptocurrency by US - On November 12, 2021, the U.S. Department of Justice and U.S. Attorney’s Office for the Southern District of California’s request was...more

Proskauer Rose LLP

SBA Expands COVID Disaster Loans

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Effective September 8, 2021, the U.S. Small Business Administration (“SBA”) significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan...more

Holland & Knight LLP

SBA Modifies COVID-19 Small Business Disaster Loans to Support the Hardest-Hit Businesses

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The U.S. Small Business Administration (SBA) announced changes to its emergency loan programs intended to provide critical access to capital for the industries hardest hit by COVID-19. On Sept. 8, 2021, the SBA published a...more

Kaufman & Canoles

Litigation Client Alert: PPP, EIDL, and UI Loan Fraud – What to Know About Financial Crimes under the CARES Act

Kaufman & Canoles on

Federal prosecutions continue to increase across the country against businesses and individuals accused of fraudulent conduct under the Coronavirus Aid, Relief and Economic Security (CARES) Act. In March, the Department of...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - August 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

King & Spalding

Oversight Subcommittee on the Coronavirus Crisis Continues to Actively Investigate the Previous Administration’s Pandemic Response

King & Spalding on

When announcing the Democratic members of the Select Subcommittee on the Coronavirus Crisis for the 117th Congress, Chairman Jim Clyburn (D-SC) stated that, “In order to improve our nation’s response, the Select Subcommittee...more

ArentFox Schiff

Investigations Newsletter: Four Convicted of Scheme to Fraudulently Obtain Millions in COVID-19 Relief Programs

ArentFox Schiff on

After an eight-day trial, a federal jury convicted four California residents for their scheme to submit fraudulent loan applications seeking millions of dollars in the Paycheck Protection Program (PPP) and Economic Injury...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

ArentFox Schiff

Investigations Newsletter: The Department of Justice Continues to Aggressively Pursue COVID-19 Related Fraud

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In addition to the ever-growing number of fraud charges brought in connection with the SBA’s PPP program, recent indictments issued across the country in connection with Covid-19 unemployment benefits and economic injury...more

Fox Rothschild LLP

COVID-19 Fraud Task Force Established

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Intensifying its crackdown on suspected fraud in pandemic relief programs, the U.S. Department of Justice has established the COVID-19 Fraud Enforcement Task Force, sending a clear message that any individual or business that...more

Williams Mullen

Combined Federal, VA and NC Government Resources for COVID-19 - May 2021 #2

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Virginia Resources Updated: April 23, 2021 - North Carolina Resources Updated: May 19, 2021 - COVID-19 Key Resource List (Virginia): Commonwealth of Virginia Official COVID-19 Website - This website is a comprehensive...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits

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On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

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