Florida PPP Fraud Lawyer
The COVID-19 pandemic was hard on everyone in Florida, but some of the hardest hit were business owners. As businesses had to close their doors for several months, it was clear the owners behind them were struggling. Fortunately, the Paycheck Protection Program (PPP) allowed many business owners to secure loans, but now some of those business owners are being accused of PPP fraud. If you have been accused of PPP fraud, or you fear a future investigation, our Florida PPP fraud lawyer can help with your case.
What are PPP Loans?
Many people do not understand how businesses could face accusations of PPP fraud because they do not understand how the program worked. PPP loans were given as part of the Paycheck Protection Program, which allowed people to remain employed during the pandemic, and helped business owners stay afloat. The program was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP closed on August 8, 2020 and businesses can no longer apply for relief. Still, over 4.8 million loans were approved by the time the program closed, and they totaled over $521 billion.
Floridian business owners that obtained loans through the PPP had to certify that they required a loan. This meant they had to attest that the current economic situation made the loan necessary to support the ongoing operation of the business and to support the business owner. Any business owner trying to obtain a loan less than $2 million could have certified the need for the loan in good faith. Business owners trying to obtain a loan over $2 million may have been subjected to an audit to determine if the certification was in good faith.
What is PPP Fraud?
The majority of businesses that sought relief from the PPP did so in good faith, and as an honest attempt to keep their doors open once things had settled down. Unfortunately, some business owners took advantage of the program and obtained funds that were not necessarily required. Others still, are being accused of PPP fraud when they did act in good faith. Criminal charges or a federal investigation into potential PPP fraud may result if any of the following applies:
- The business owner certified that the loan was based on need when they did not actually require the help.
- The business owner used PPP funds for expenses that were not eligible.
- The business owner applied for more PPP funds than their business qualified for.
- The business owner sought PPP forgiveness when they were ineligible for it.
- The business owner misrepresented certain facts during the course of a PPP fraud investigation.
Get the Advice You Need from Our PPP Fraud Lawyer in Florida
Whether you are currently the subject of a PPP investigation, or you believe one may be conducted in the near future, our Florida PPP fraud lawyer at O’Mara Law Group is here to help. Call us today at 407-634-6604 or contact us online so we can get started on your defense.