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Oklahoma City PPP – SBA – EIDL Loan Fraud Lawyers
When COVID-19 hit in 2020, the government wanted to help small businesses that were struggling. They created two new programs – the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan program (EIDL). These programs gave out billions in forgivable loans and grants to help companies keep paying their workers and cover other expenses.
But some dishonest people saw this as an opportunity to scam the system and make some easy money. Here in Oklahoma City, there’s been a bunch of cases of people getting charged with PPP and EIDL fraud. They lied on their applications about how many employees they had or even totally made up fake companies. Then they pocketed the loan money instead of using it to help an actual business.
Some examples of cases here in OKC:
A group of 6 people worked together to get over $1 million in PPP loans for fake businesses. They didn’t use it to pay employees or rent or anything – they just bought themselves fancy new cars and other expensive stuff.
One lady said she owned a beauty salon and childcare business to get approved for $300,000+ in loans. But it was 100% lies – those businesses didn’t exist!
Two brothers created applications under the names of companies they used to own that weren’t operating anymore. They got $500,000+ for their “dormant” companies.
Trying to cheat these loan programs is serious business. You can get charged with wire fraud, bank fraud, or money laundering. That can mean up to 30 years in prison and fines of up to $1 million! You also have to pay back all the money you got through fraud.
So if you’re being investigated or charged for PPP or EIDL fraud in OKC, it’s really important to get a good lawyer on your side. An experienced attorney will dig into the details of your case and come up with the best defense. Here are some of the main ways they might be able to fight the charges:
- You didn’t mean to commit fraud – maybe you just made mistakes on the application forms. Prosecutors have to prove you intended to scam the loans.
- You already paid back the money or used it the right way for your business. If there was no real harm done, that could help your case.
- You were forced or threatened to go along with a scheme by someone else.
- The police pushed you into committing a crime you wouldn’t have done otherwise.
A good lawyer may also be able to negotiate with the prosecutor to get the charges lowered or agree to things like probation instead of jail time.
Whistleblowers who see or suspect PPP/EIDL fraud can also get a lawyer. Under the CARES Act, you can get a reward of 15-30% of the recovered money for reporting fraud. But employers often try to punish whistleblowers. A lawyer can help you stay anonymous and file a lawsuit to get your reward.
The PPP and EIDL programs threw struggling Oklahoma City businesses a lifeline. But some folks tried to take advantage and make off with money they didn’t deserve. If you’re caught up in an investigation or charges, don’t go it alone. Talk to an experienced fraud defense attorney right away to start protecting your rights. They can help make sure you get treated fairly.