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One Year of COVID-19: The Government s Efforts To Address CARES Act Fraud | Skadden, Arps, Slate, Meagher & Flom LLP
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Monday, April 19, 2021
On March 26, 2021, the U.S. Department of Justice (“DOJ”) reported on the agency’s heightened criminal and civil enforcement activities in connection with COVID-19-related fraud.
[1] As of that date, DOJ had publicly charged 474 defendants with criminal offenses in connection with COVID-19-related schemes across 56 federal districts to recover more than $569 million in U.S. government funds.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law, enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. The CARES Act provides relief through a number of different programs, including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), the Provider Relief Fund, and Unemployment Insurance (“UI”).
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On March 26, 2021, the U.S. Department of Justice (“DOJ”) reported on the agency’s heightened criminal and civil enforcement activities in connection with COVID-19-related fraud.[1] As of that date, DOJ had publicly charged 474 defendants with criminal offenses in connection with COVID-19-related schemes across 56 federal districts to recover more than $569 million in U.S. government funds.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law, enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. The CARES Act provides relief through a number of different programs, including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), the Provider Relief Fund, and Unemployment Insurance (“UI”).[2] With the promulgation of
Thursday, April 8, 2021
The U.S. Department of Justice (DOJ) recently announced that it has entered into the first civil settlement arising out of fraud allegations under the federal Paycheck Protection Program (PPP). The case involved SlideBelts Inc. and its CEO, Brigham Taylor. SlideBelts Inc. had obtained a $350,000 loan under the PPP.
The DOJ’s decision to enter into a civil settlement represents a sound and reasoned approach to resolving many PPP loan fraud investigations. While some cases of fraud under the PPP undoubtedly warrant criminal prosecution, it is equally clear that many do not. In many cases, companies and their executives unknowingly violated the hastily-drafted and difficult-to-interpret terms of the PPP. Additionally many companies, including SlideBelts Inc., have cooperated with the DOJ and returned their PPP loan funds upon facing investigations, and resolving these types of cases through civil settlement allows for an efficient resolution with ap
PPP Fraud: How a Californian AUSA Created a Smart and Efficient Precedent to Combat Inadvertent Loan Fraud Monday, April 5, 2021
If there is a lesson from the cases involving business owners experiencing bank freezes or encouners with law enforcement so far, it is the impression that banks and Justice Department officials have tried to apply standard law enforcement protocols irrespective of the nature of the allegations or the size of the fraud.
It failed; it consumes vast government resources while risking over-criminalization. Not every hard-working but struggling business owner should face asset freezes and criminal prosecution just because, for example, they made a simple accounting error. To be clear, the vast majority of clients did not buy a new boat or a luxury car from loan money; they simply miscalculated the correct loan amount at a time when even their own CPA was understandably unfamiliar with the qualifying requirements.
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