what is ppp fraud

what is ppp fraud

1 year ago 64
Nature

PPP (Paycheck Protection Program) fraud refers to fraudulent activity related to the federal program established by the United States Small Business Administration (SBA) in response to the COVID-19 pandemic. The PPP was designed to provide small businesses with forgivable loans to cover payroll and other eligible expenses. PPP fraud can take many forms, but some common examples include false certification of eligibility, falsified information, misuse of funds, and double-dipping. PPP fraud is a serious crime that can result in federal criminal charges, fines, and imprisonment. The Department of Justice (DOJ) has established a task force to investigate and prosecute PPP fraud cases. The penalties for PPP fraud can range from five to 99 years in prison and up to a $1,000,000 fine. If a person is under investigation for PPP loan fraud, it is imperative that they contact an attorney before speaking with federal agents.

Read Entire Article