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Small Business Administration › Economic Injury Disaster Loans

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... more +
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 -
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

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, September 13, 2022

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September 12, 2022- The Federal Reserve Board published a paper entitled, "The impact of risk cycles on business cycles: a historical view."...more

Morrison & Foerster LLP

Biden Administration Extends Statute of Limitations for PPP and EIDL Fraud to Ten Years

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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

ArentFox Schiff

Illinois Bankruptcy Court: Preliminary Distributions Lock Subchapter V Plan 

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In an issue of first impression for the jurisdiction, the Bankruptcy Court for the Northern District of Illinois has ruled that a subchapter V debtor “substantially consummated” its plan by paying less than $1,500 in...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

ArentFox Schiff

Investigations Newsletter: Four Indicted for $16 Million Money Laundering Scheme

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Four Indicted for $16 Million Money Laundering Scheme - On March 23, 2022, an indictment was unsealed in the Western District of Arkansas, charging four men for their involvement in wire fraud and money laundering schemes...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

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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

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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

Robins Kaplan LLP

Financial Daily Dose 10.8.2021 | Top Story: Tesla Makes Good on Threat to Move HQ from Cali to Texas

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Jobs Report Friday! Here’s what analysts are looking for in the numbers, with the Delta variant’s impact on the recovery still looming large - MarketWatch and NYTimes and WSJ and Bloomberg Elon Musk & Co. are decamping from...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 8

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IRS Chief Tells Elizabeth Warren: More Transparent Bank Data Can Fight Tax Evasion - "Rettig, a Trump administration holdover, touted a provision in the American Families Plan that would require banks to report on their...more

Lewitt Hackman

Funds Available to Businesses Under Updated COVID-19 EIDL Program

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The U.S. Small Business Administration (SBA) announced major modifications to the 2020 COVID-19 Economic Injury Disaster Loan (EIDL) program on September 8, 2021, including raising the maximum loans available from $500,000 to...more

Adams and Reese LLP

Disaster Assistance in the Wake of Hurricane Ida: Low-Interest SBA Loans for Businesses and Individuals

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As a result of the impacts of Hurricane Ida, federal economic assistance is available to businesses, homeowners, and renters in the parishes of Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville,...more

Ervin Cohen & Jessup LLP

SBA Announces Changes to EIDL Program, Including Cap Increase to $2M

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On September 9, 2021, the Small Business Administration (“SBA”) announced several changes to its Economic Injury Disaster Loan (“EIDL”) Program.  The changes include...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

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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

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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

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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

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