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Oklahoma PPP and EIDL Loan Fraud Lawyers

By Spodek Law Group | March 18, 2023
(Last Updated On: March 18, 2023)

The Paycheck Protection Program (PPP) was designed to assist small and medium-sized businesses facing financial difficulties due to the COVID-19 pandemic. With almost $350 billion in federal funds, the PPP was a critical component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020. However, the program quickly ran out of money since PPP loan applications poured in on its first day, leaving many eligible companies without funding.
As with any federal program that provides financial support, there was concern about fraud. Given the PPP’s massive deployment of funds and the disordered application process that led to a speedy reduction of the PPP’s multi-billion-dollar allocation, many firms that received PPP loans should assume that federal authorities will subject them to significant scrutiny.
Various fraud issues associated with the PPP have been identified, and the US Treasury Department’s Office of the Comptroller of the Currency (OCC) is asking lenders for input on how to create future programs and address present PPP difficulties. Possible problems include fraudulent loan stacking between candidates, misrepresenting employee or payroll data, using PPP funds for illegitimate company purposes, and making false certifications in loan applications.
PPP loan fraud can have serious consequences for firms found guilty of fraud allegations. Penalties for fraudulent Paycheck Protection Program (PPP) loan claims potentially include having charges filed against a company and its representatives, being debarred from doing business with the federal government, and substantial fines and imprisonment.
If a company becomes the subject of a PPP loan fraud audit or investigation, the most crucial thing to do is to obtain experienced federal defense counsel’s services. Any firm must seek the advice and representation of qualified lawyers who know how to defend against federal offenses. Spodek Law Group has attorneys who specialize in representing clients in a range of issues caused by the COVID-19 pandemic, and they can provide their expertise to clients who have to face allegations of PPP loan fraud.

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