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What Should I Do If My Bank Freezes My PPP Loan Account?
(0) Comment |Understanding the Recent Changes to the Paycheck Protection Program (PPP)
The Paycheck Protection Program, or PPP, has experienced significant changes recently that can greatly impact businesses who accepted one of these loans. As a business owner, you must stay informed about how these changes can affect your business, especially since the terms of the loan agreement can impact the business as a whole.
Crucial Change in Auditing Practices
One critical change is that the SBA has stopped launching systemic audits against companies that took PPP loans but received less than $2 million in federal funding. This change is essential and can significantly affect your business. Unfortunately, many business owners may remain unaware of these changes, leading to confusion even when the rules of the Treasury Department are clear.
Changes are often unknown even to beneficiaries. This lack of awareness is particularly concerning given that there are still outstanding investigations of PPP fraud well below $2 million. Therefore, it’s imperative to have legal assistance from experts like Spodek Law Group to help navigate this complex situation.
Expert Legal Assistance from Spodek Law Group
At Spodek Law Group, our lawyers have an exceptional level of expertise in this area of law and provide useful advice on all matters related to the PPP loan program such as loan forgiveness audits and investigations. We understand that accepting a PPP loan has caused account freezes and might be coming under federal attention; hence we offer legal assistance for businesses facing charges related to their PPP loans.
DOJ and SBA Pursuing PPP Loan Fraud Cases
Under the CARES Act, many companies took advantage of the new PPP loan program in good faith because they believed that its terms would be favorable for their predicament due to losing revenues under pandemic circumstances which was devastating financially for small businesses across America.
However, some fraudulent individuals have taken advantage by submitting false statements on applications or falsely certifying them – both forms constitute fraudulence! Furthermore, using funds from a PPE loan for illegal activities also constitutes fraudulence!
These fraudulent acts led investigators into conducting audits on those who applied for PPP loans. At Spodek Law Group, we understand that these allegations can have a significant impact on your business. Defense strategies can help your organization to survive any allegations of PPP loan fraud.
Signs of Being Under Scrutiny for Potential Fraud
It’s essential to be aware of the signs of being under scrutiny for potential fraudulence. One sign is when fraudulent claimants tend to stack loans by applying for funding from multiple lenders. Falsifying the PPP loan application is another form of fraud that can trigger an investigation or audit.
Submitting a certification for the PPP loan forgiveness if it’s fraudulent also constitutes an act of fraudulence! At Spodek Law Group, we analyze our clients’ position in terms of documents involved with accepting their PPE loans and offer legal support and insights into each client facing charges related to their PPE loans.
Handling Frozen Accounts and Charges Related To Your PPP Loan
If your organization is facing allegations related to its PPE loan, it’s crucial to seek legal assistance immediately. Our legal team at Spodek Law Group offers insights and legal support tailored specifically towards each client facing these charges because we understand how serious this situation could be.
Even if there are some legitimate cases where businesses committed acts constituting fraudulence, no business owner should accept this allegation as fact without mounting a significant legal challenge against such claims! It’s crucial not only to take these charges seriously but also avoid assuming that they will settle in favor without putting up a fight legally!
At Spodek Law Group, we provide various services like analyzing our clients’ positions regarding documents involved with accepting their PPE loans; contesting federal actions such as freezing accounts; developing defense strategies aimed at helping organizations survive any allegations related to their PPE Loans.
Conclusion:
In conclusion, recent changes made by the SBA concerning the Paycheck Protection Program (PPP) require every beneficiary who accepted one of those loans to stay informed about how these changes can affect their businesses. At Spodek Law Group, we offer legal assistance to help navigate this complex situation and provide useful advice on all matters related to the PPP loan program such as loan forgiveness audits and investigations.
We understand that accepting a PPP loan has caused account freezes and might be coming under federal attention; hence we offer legal assistance for businesses facing charges related to their PPP loans. Our lawyers have an exceptional level of expertise in this area of law, which is why you should contact us today if you need any help with your PPE Loan or any other related legal matter!