Paycheck Protection Program Loan Fraud Attorney
Defending against PPP Loan Fraud Investigations and Allegations in Plano, Texas
In early May, federal authorities issued the first fraud charges stemming from COVID-19 relief fraud in the United States against two individuals. This will likely be the start of many additional investigations, arrests, and federal charges to stem from such fraud allegations.
The COVID-19 pandemic resulted in the shutdown of many businesses, which sparked government programs under the CARES Act intended to provide some relief to citizens and business owners. Under the CARES Act, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP), which provides loans for qualified companies to support their workforce. The loan has highly favorable terms, including forgiveness of the loan, if it is used for specific purposes.
Whenever there is a new program offering almost risk-free funding, there will likely be people trying to take advantage of the funding through fraudulent means. However, there will also be individuals who face false accusations and wrongful fraud charges. If you are accused of fraud related to a PPP loan, you need an experienced federal criminal defense lawyer on your side immediately. Call the law firm of J. Michael Price right away.
Facing Federal Fraud Charges
Fraud can encompass many different acts, and federal charges often stem from suspected attempts to defraud the government. In the above-mentioned cases, two individuals filed applications for PPP loans despite not having operating businesses or employees on payroll. There are many other ways that people might commit fraud on PPP loan applications, and you can expect federal authorities to be watching applicants closely.
If you are accused of PPP fraud, there are different federal charges you might face, depending on the alleged circumstances. Some charges might include:
- Bank fraud
- Making false statements
- Mail or wire fraud
- Identity theft
If more than one person works together to try to fraudulently obtain a PPP loan, everyone involved could face conspiracy charges.
The possible penalties for a conviction will depend on the circumstances alleged and the specific charges issued. However, the U.S. Attorneys take government fraud charges very seriously and often seek the maximum possible penalty, which can include costly fines and years in federal prison. It is critical to have aggressive defense representation.
Do You Think You are Being Investigated?
Many federal cases begin with an extensive investigation, and you may or may not know the investigation is happening. If federal agents ask to speak with you or request information, you should immediately contact a federal fraud defense attorney. It is never wise to speak with investigators without legal representation. Even if they tell you that you are not the subject of the investigation, you probably are, and you want to protect your rights from the very start.
Contact a Plano, TX Paycheck Protection Program Loan Fraud Defense Lawyer
The law office of J. Michael Price is handling cases involving federal PPP fraud charges. Call us at 214-765-8000 or contact us online to discuss your investigation or criminal charges, and to learn how we can help.