News & Analysis as of October 19, 2024

Borrowers

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

COVID-19 Relief Enforcement Actions Highlight Ongoing Risk

Bass, Berry & Sims PLC on 6/17/2024

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

PPP Fraud Enforcement Shows No Signs of Slowing

Buchalter on 11/1/2023

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

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

Orrick, Herrington & Sutcliffe LLP on 5/30/2023

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

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

Jones Day on 10/12/2020

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

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

Arnall Golden Gregory LLP on 10/6/2020

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

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

Ballard Spahr LLP on 9/3/2020

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

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on 4/30/2020

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

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