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SBA Lending Programs Fraud Small Business

Benesch

Paycheck Protection Program (“PPP”) Loan Fraud: A Survey & Analysis of Recent Civil & Criminal Enforcement Outcomes

Benesch on

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in or around March 2020 designed to provide emergency financial assistance to the millions of Americans who were suffering the...more

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

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

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

Robinson+Cole Data Privacy + Security Insider

FTC Warns of COVID-19 Scam Targeted at Small Businesses

The Federal Trade Commission (FTC) is warning small businesses that they are being targeted by scammers through a new coronavirus-related scam. The scam “starts with an email that claims to come from the ‘Small Business...more

BCLP

PPP Loan Necessity Certifications and Fraud Investigations

BCLP on

A recent article in the Wall Street Journal highlights renewed talk in some circles about allegedly “growing evidence” of fraud among PPP participants.  We think the observation of the former federal prosecutor who is quoted...more

Partridge Snow & Hahn LLP

Scammers Obtain Fraudulent SBA Loans by Posing as Legitimate Companies

When tragedy hits, there are always nefarious people who will try to profit. The ongoing COVID-19 pandemic is no exception. There have been recent instances in which scammers have successfully used publicly available...more

Burr & Forman

US DOJ Criminal Chief Announces 57 “Main Justice” PPP Cases

Burr & Forman on

At a September 10 press conference, Acting Assistant Attorney General Brian Rabbitt announced that the Department of Justice (“DOJ”) Criminal Division has reached 57 criminal prosecutions for fraud in connection with the...more

Vinson & Elkins LLP

Ninth Circuit Holds That SBA Loan Fraud Was Alleged Too Late: Takeaways For SBA Borrowers And Lenders

Vinson & Elkins LLP on

On April 1, 2020, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court decision holding that a qui tam relator in a False Claims Act (“FCA”) action failed to file its complaint alleging Small Business...more

Morrison & Foerster LLP - Government...

Is My Company’s PPP Loan “Necessary To Support Ongoing Operations?” What If I’m Wrong?

This post has been updated on May 6, 2020 with new safe harbor deadline for repayment of PPP loans. Given the proliferation of adverse news articles and TV pundit segments about well-funded companies that have received...more

Ballard Spahr LLP

PPP Participants Should Prepare For Vigorous Oversight

Ballard Spahr LLP on

With significant government intervention comes significant government oversight. That is the message coming from Capitol Hill and the Executive Branch concerning the Payroll Protection Program (PPP), a Small Business...more

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