The Department of Justice has filed charges in at least seven separate cases against defendants accused of fraud in connection with PPP loans. When applying for a PPP loan, a borrower must make a number of certifications to the SBA, including eligibility and the accuracy of supporting documentation. Subsequent to the launch, the SBA issued of a series of FAQs which triggered concern, and caused borrowers to carefully consider the “need” certification. It followed up with statements offering safe harbor for borrowers making such statements in good faith, or based on inadequate information.
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Preparing for Government Investigations in Wake of PPP Loan Certifications
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