NYC Cares Act PPP & EIDI Fraud Defense Attorney
According to the Washington Post, as of late March 2021, the United States Justice Department (DOJ) has charged more than 50 individuals with bank and wire fraud and money laundering for attempted and completed thefts totaling more than $175 million dollars in taxpayer-backed Covid 19 pandemic loans issued pursuant to the 2020 CARES Act, enacted in March 2020. The Paycheck Protection Program (PPP), and a separate Covid 19 loan program, the Economic Injury Disaster Loan (EIDL), both regulated by the Small Business Administration (SBA) and implemented by banks and other financial companies, have been scrutinized for DOJ anti-fraud concerns since April 2020 . Those individuals charged with Wire and Bank Fraud and Money Laundering crimes thus far, have allegedly attempted to or actually received funds on behalf of fake companies; legitimate business owners misusing the loan funds for nonqualifying purchases and; ineligible applicants applying for and receiving loan proceeds.
If you are under investigation or have been charged with a CARES ACT loan related crime, contact Mark I. Cohen, New York City Criminal Defense Attorney today to schedule an initial consultation for expert Criminal Defense legal services.