What You Should Know About PPP Loan Fraud

When Coronavirus hit in 2020, the government released the CARES (Coronavirus Aid & Relief for Economic Security) act. While there were pros and cons to this act, one of the side effects is that there has been an increase in loan fraud. While some of this loan fraud may be coordinated as the government has stated they have “identified 500 individuals who may have defrauded the $660 billion Paycheck Protection Program”, there are also countless cases of accidental “fraud”. Many individuals who received PPP help may have made unintentional miscalculations and ended up with accidental loan fraud inquiries.

Typically there are a few ways this loan fraud could happen such as:

  • Loan stacking: Taking loans (PPP-related in this case) from multiple sources.

  • Application inaccuracies: Accidentally miscalculating or putting false information on loan application forms including inaccurate income, employee count, etc.

  • Improper use of funds: Using funds for sources not designated by the program.

  • Misrepresentation of audit info: Inaccuracies in audit info can lead to loan fraud charges.

The IRS, Attorney General, Justice Department, and JP Morgan Chase among others are seeking out info and charges against those with PPP loan fraud. If you are being investigated for loan fraud, you need to contact an experienced lawyer such as atorney Patrick J McLain.

Charged With Loan Fraud

If you have been accused of PPP, we may be able to help. Here at Law Office of Patrick J. McLain, PLLC, we have the skills, experience, and determination to help get you a favorable outcome for your case.

We have handled countless criminal defense cases and know how to navigate the legal system. When you need someone who you can trust to help defend your rights and freedom, rest assured Law Office of Patrick J. McLain, PLLC is here for you. You can reach us at (214) 238-9392 or contact us through our website today.