News & Analysis as of

Small Business Paycheck Protection Program (PPP) Enforcement Actions

BakerHostetler

What’s the Damage? - The FTC Cracks Down on False Promises of PPP Loans

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Note: The March 25 version of this article has been updated. The other day, the FTC announced settlements with two different companies that allegedly made false promises to small businesses that their companies could help...more

Goodwin

U.S. Attorney's Office Settles False Claims Act Allegations with Paycheck Protection Program Lender

Goodwin on

On September 13, 2022, the U.S. Attorney’s Office (USAO) for the Southern District of Texas announced ​that it had reached a settlement with a bank that served as a lender under the Paycheck Protection Program (PPP) to...more

Bass, Berry & Sims PLC

PPP Enforcement Actions Gather Steam

The Paycheck Protection Program (PPP) was intended to provide a fast influx of assistance to small businesses during the economic shock created by the COVID-19 pandemic. The speed with which loans were distributed to...more

Dorsey & Whitney LLP

False Claims Act Case Tracker for Paycheck Protection Program Fraud - Update

Dorsey & Whitney LLP on

In the Spring of 2020, the Small Business Association (“SBA”) began administering the Paycheck Protection Program (the “PPP” or the “Program”) to provide SBA-backed loans to help eligible businesses maintain their workforces...more

Goodwin

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

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In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

DirectEmployers Association

OFCCP Week In Review: March 2021 #4

The DE OFCCP Week in Review (WIR) is a simple, fast and direct summary of relevant happenings in the OFCCP regulatory environment, authored by experts John C. Fox, Candee Chambers and Jennifer Polcer. In today’s edition, they...more

Snell & Wilmer

New COVID-19 Relief Bill Includes Targeted Relief for Restaurants and Other Hard-Hit Small Businesses and Nonprofits

Snell & Wilmer on

Yesterday, President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (Act), which includes new pandemic-relief grants for small and mid-sized restaurants and bars; expansion of the Paycheck Protection...more

Cozen O'Connor

PPP Fraud Is Ripe for Enforcement in 2021. Can Self-Disclosure & Cooperation Create a Path to Leniency?

Cozen O'Connor on

As we approach the one-year anniversary of passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act, we are getting a better sense of how the government will address fraud arising out of this legislation....more

Goodwin

SEC Charges Trust Company With Operating Unregistered Investment Companies

Goodwin on

SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

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In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Goodwin

Financial Services Weekly Roundup: Treasury And SBA Codify Changes To PPP Flexibility Act

Goodwin on

In This Issue. The U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act,...more

Goodwin

U.S. Paycheck Protection Program Lenders: Risks of False Claims Act Enforcement Actions

Goodwin on

Congress has recently updated the Paycheck Protection Program (PPP) to stabilize the economy in response to the troubling economic impact of the COVID-19 pandemic. Lenders should be aware that the federal government’s efforts...more

Jackson Walker

CARES Act Update – Important Considerations for Paycheck Protection Program Participants (Enforcement Actions, FAQ 31 and FAQ 37,...

Jackson Walker on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 23, 2020, to provide emergency economic stimulus to small businesses and certain eligible recipients in response to the economic...more

Goodwin

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

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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

Robins Kaplan LLP

Financial Daily Dose 4.21.2020 | Top Story: Oil Prices Dip to Negative as Global Demand Dries Up During Pandemic

Robins Kaplan LLP on

Monday saw U.S. oil prices take an unprecedented plunge into negative territory, as “concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused code” (with the “bizarre movement...more

Goodwin

Financial Services Weekly Roundup: Priming The Pump – Additional Actions To Combat COVID-19

Goodwin on

Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more

Goodwin

Financial Services Weekly Roundup: The SBA’s New Paycheck Protection Program

Goodwin on

Paycheck Protection Problems. In last week’s Roundup, we discussed the initial guidance issued by the U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) on the implementation of the...more

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