Richards Carrington Attorney Madalia Maaliki spoke recently with Ryan Frazier of Channel 9’s The Business Brief about an increase in PPP-related fraud cases.
Due to the pandemic, a massive amount of Payment Protection Program Loans were sent out across the country. In the rush to get these out to businesses, there were limited restrictions and oversight of eligibility, which made the loans a prime target for fraud.
For businesses asking for loans, it is crucial that those loans go towards the company and that their employees are being paid. It is also important to verify certifications and have your pre-application finances in order and safe. As time moves forward, more and more of these fraud cases- intentional or not- will be brought forth. The best way to protect yourself and your business, especially if you are under investigation, is to hire a federal defense counsel to guide you through the process and assist with your documentation.