Oklahoma PPP – SBA – EIDL Loan Fraud Lawyers

Oklahoma PPP – SBA – EIDL Loan Fraud Lawyers

Getting charged with fraud for taking out a Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) can be really scary. 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 their business info or used the money for personal stuff instead of their business. Some even made up fake businesses just to get the loans! I know it seems tempting when the government’s just handing out money, but it can end up ruining your life if you get caught.

In this article, we’ll break down exactly what kinds of PPP and EIDL fraud people are getting charged with in Oklahoma. We’ll also talk about what happens if you get charged and how a lawyer can help defend you. There’s a lot of confusing legal mumbo-jumbo around these cases, so I’ll try to explain it in simple terms anyone can understand!

What is PPP and EIDL Fraud?

Let’s start with what PPP and EIDL even are. The PPP and EIDL programs were created by the CARES Act in 2020 to help small businesses struggling from COVID-19 shutdowns. PPP gives low-interest loans that are forgiven if you use most of the money to pay employees. EIDL gives low-interest disaster loans. Both are administered by the Small Business Administration (SBA).

Here are some common ways people commit fraud with these loans:

• Lying on the application about your business – like making up fake employees or revenue numbers
• Using the loan money for personal purchases instead of business expenses
• Applying for multiple loans for the same business
• Creating a fake business just to get loan money

Prosecutors are throwing the book at people for PPP and EIDL fraud. Let’s look at what’s happening right here in Oklahoma.

Oklahoma PPP and EIDL Fraud Cases

Federal prosecutors in Oklahoma have been busy charging people for cheating to get these COVID loans. Here are some real examples of cases:

• A Ponca City woman got over 2 years in prison for creating fake businesses to get $300,000 in PPP loans.
• A man from Edmond faces up to 30 years in prison for fabricating documents to get $1.2 million in PPP and EIDL loans.
• Six people from around the state were charged with conspiracy to submit false loan applications totaling over $1.2 million.

You can see they are handing out serious prison time for this stuff! Just a few thousand dollars can lead to years behind bars.

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2024-03-21

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2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

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2024-03-18

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2024-03-15

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2024-03-15

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2024-03-12

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2024-03-12

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2024-02-28

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2024-02-24

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What Happens If You Get Charged?

Let’s say the feds catch on to your PPP or EIDL fraud. What happens next?

First, you’ll probably get a target letter from the U.S. Attorney’s Office letting you know you’re under investigation. This is when you absolutely need to hire a lawyer because anything you say can be used against you.

Next, you may get charged with federal crimes like wire fraud, bank fraud, or making false statements. The FBI could show up at your door to arrest you! Then they’ll haul you into court in handcuffs for your initial appearance.

After that, your fraud case moves forward like any federal criminal case. Prosecutors will try to get you to plead guilty. If you don’t, you’ll go to trial where you’d face years in prison if convicted.

Let’s look at how an experienced lawyer can help you fight these charges.

How a Lawyer Can Defend You

Facing federal fraud accusations is terrifying. But a skilled lawyer can often get charges reduced or even dismissed. Here’s how they can help:

• Negotiate with prosecutors – Your lawyer may be able to work out a plea deal to get charges dropped or reduced. This happens a lot in fraud cases.
• Challenge evidence – If evidence against you was obtained illegally, it may get thrown out. An attorney will scrutinize the evidence.
• Raise defenses – There are defenses like you not knowing statements on your application were false. A lawyer can explain defenses to the jury.
• Present mitigating factors – Your clean record and other mitigating factors could help lower your sentence if convicted.

While you’re under investigation, your lawyer can also protect your rights. They’ll deal with the feds for you so you don’t accidentally incriminate yourself. If charges do get filed, a skilled federal defense lawyer is critical to defending your freedom.

Avoiding Trouble from the Start

The best way to avoid PPP and EIDL fraud accusations is not to commit fraud in the first place! Here are some tips:

• Be 100% truthful on your loan application – don’t exaggerate anything.
• Only use the loan for approved business expenses.
• Don’t apply for multiple loans for the same business.
• If unsure, consult with an attorney or accountant when applying.

Following the rules to a T protects you from getting accused of fraud. If you do end up under investigation, don’t say anything to the feds until you have a lawyer to protect your rights.

Dealing with federal fraud charges is scary. But an experienced attorney can help negotiate with prosecutors and defend your freedom. Be smart from the start and don’t commit fraud – but if you do get charged, fight back with a skilled lawyer in your corner.