How to Handle a Joint FBI & IRS Investigation into Your PPP Spending

How to Handle a Joint FBI & IRS Investigation into Your PPP Spending

Yo, so you got hit with a joint FBI and IRS investigation over how you spent that Paycheck Protection Program money, huh? That’s like, a double whammy right there. Sounds pretty intense, not gonna lie. But don’t sweat it too much yet, we got your back with some tips on how to handle this situation.

First Things First, Stay Calm

I know, easier said than done when the feds are knocking at your door. But panicking ain’t gonna help nobody. Take a deep breath, grab a cold one if you need to, and let’s break this down step-by-step.

Understand What You’re Up Against

So, you got the FBI and the IRS teaming up on you. That’s like having the Avengers and the X-Men both coming at you at once. The FBI is looking at potential fraud and misuse of the PPP funds, while the IRS is focused on the tax implications. It’s a one-two punch, but don’t throw in the towel just yet.

Get Yourself a Good Lawyer, Like, Yesterday

This is not the time to try and represent yourself. You need a legal eagle in your corner, someone who knows how to deal with these kinds of investigations. Look for a lawyer who specializes in white-collar crime and has experience with federal investigations. Don’t just go with the first name that pops up on FindLaw, do your research and find someone you can trust.

Cooperate, But Don’t Overshare

Alright, so you got your legal team locked and loaded. Now, it’s time to play nice with the investigators. But don’t just spill your guts to them either. Here are some tips:

• Be polite and cooperative, but don’t feel like you have to answer every single question right away. It’s okay to say “I’ll have to get back to you on that.”
• Don’t lie or try to hide anything. That’ll only make things worse in the long run.
• Don’t volunteer information they didn’t ask for. Stick to answering their questions directly.
• Let your lawyer do the talking as much as possible. That’s what you’re paying them for, after all.

Get Your Ducks in a Row

While your legal team is handling the investigation side of things, you’ll want to start getting all your financial records and documentation in order. This includes:

• Bank statements
• Payroll records
• Invoices and receipts
• Loan applications and agreements
• Communication with lenders or the SBA

Basically, anything and everything related to how you spent that PPP money. The more organized and transparent you can be, the better.

Christine Twomey

2024-03-21

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Brendan huisman

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!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.

Loveth Okpedo

2024-03-12

Very professional, very transparent, over all a great experience

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2024-02-28

Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.

divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

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Google rating score: 4.9 of 5, based on 736 reviews

Build Your Defense Strategy

Work closely with your lawyer to figure out the best way to approach this investigation. Maybe there was a legitimate misunderstanding or mistake made when applying for the loan. Or perhaps you can argue that the funds were used in good faith to keep your business afloat during the pandemic.

Either way, you’ll want to have a solid defense strategy in place before things really start heating up. Your lawyer can help you figure out the best angle to take based on the specifics of your case.

Don’t Forget to Take Care of Yourself

Dealing with a federal investigation is stressful as hell, no doubt about it. But you gotta make sure you’re taking care of yourself too, mentally and physically. Here are some tips:

• Exercise regularly to blow off some steam
• Eat healthy and stay hydrated
• Get enough sleep (easier said than done, I know)
• Talk to friends and family for support
• Consider therapy if you’re really struggling

This is a marathon, not a sprint. You gotta pace yourself and take care of your mental health too.

Resources

Here are some additional resources that might be helpful:

Images/Videos

• Video: What to Do If You’re Under Federal Investigation
• Image: FBI Investigation Concept Illustration

Articles/Websites

• Wikipedia: Paycheck Protection Program
• SBA: Paycheck Protection Program Information
• Nolo: Federal Crime Basics

The Bottom Line

Look, getting hit with a joint FBI and IRS investigation over your PPP spending is no joke. It’s a serious situation that could potentially land you in some hot water if not handled properly.

But if you follow the tips outlined here – stay calm, get a good lawyer, cooperate (but don’t overshare), get organized, build a solid defense strategy, and take care of yourself – you’ll be in a much better position to navigate this mess.

It ain’t gonna be easy, that’s for sure. But with the right legal team in your corner and a level head on your shoulders, you can get through this. Just don’t try to go it alone, and remember, we’re all rooting for you!

So take a deep breath, grab another cold one if you need it, and let’s get through this thing together. You got this!