When the Paycheck Protection Program was first introduced, there was only an eight-week loan forgiveness window and no money spent outside of that eight-week window was eligible for forgiveness. However, the Paycheck Protection Program Flexibility Act signed into law in June 2020 expanded the loan forgiveness window from eight weeks to 24 weeks, giving
As a business owner, you can apply for and receive full or partial loan forgiveness in an amount equal to the amount of the PPP loan you can document that you used for qualifying expenses during the eight- or 24-week window following loan disbursement. At the end of the loan forgiveness period, you can
PPP loan fraud is any attempt to defraud the Paycheck Protection Program. There are three main ways to commit PPP loan fraud: By misrepresenting information on your loan application in order to fraudulently obtain PPP funds, By misusing PPP loan funds (i.e. using the funds for unauthorized purposes), or By fraudulently requesting forgiveness of
If you are accused of fraudulently obtaining or misusing loan funds from the Paycheck Protection Program, you could face criminal prosecution for a federal offense. If you have questions about PPP loan compliance, or if you believe you may be at risk for federal charges related to PPP loan fraud, do not hesitate to
With billions of dollars at stake in the Paycheck Protection Program, the Department of Justice has vowed to aggressively investigate and prosecute cases of PPP loan fraud. If you believe you may be the target of a PPP fraud investigation, you could end up facing charges for federal bank fraud, wire fraud, identity theft,