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Tampa Criminal Lawyer > Tampa SBA Loan Fraud Lawyer

Tampa SBA Loan Fraud Lawyer

The financial and banking industries are two of the most heavily federally regulated. This is particularly true when they are connected to fiscal programs intended to help provide funds to individuals and businesses during a national emergency, such as the COVID-19 crisis. At the time the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, there was almost $250 billion in federal funding diverted to the Paycheck Protection Program (PPP). The purpose of small to medium-sized businesses that were impacted negatively by the pandemic is to keep their doors open and pay their expenses.

In addition to the PPP, the federal government also passed the Economic Injury Disaster Loan (EIDL) program, which provided another source of assistance for small businesses. If you received any of these Small Business Administration (SBA) loans and are now facing charges of fraud, you need to speak to a Tampa SBA loan fraud lawyer.

Misrepresentations on Loan Applications

One of the most common reasons people are charged for fraud is because they were dishonest on their application to make it appear as though they met the legal requirements for the PPP or EIDL programs offered by the SBA. Some businesses may have failed to meet the requirements and misrepresented information on their loan applications to make it seem as though they were eligible and receive the necessary assistance.

If you are facing criminal charges for misrepresenting the information of your business, you need to obtain federal criminal defense counsel. The government takes misrepresentation very seriously. Even a small mistake may be viewed as an intentional falsehood and carry serious penalties.

Loan Stacking

Another reason people are investigated for SBA loan fraud is ‘loan stacking.’ Loan stacking occurs when a business has submitted numerous applications for funds or loans and accepts assistance from each program.

The COVID-19 pandemic was something that had not been seen in a century in the United States. It was common for small business owners to become confused about the EIDL or PPP process. To confuse things even further, funding was difficult to obtain until more funding was available. To try and secure funding, many small businesses applied for PPP loans with multiple lenders. While some businesses may have intentionally accepted funds from multiple lenders, others may have done it unknowingly. This is against the law. Those who engage in the practice may face serious charges.

Our SBA Fraud Lawyer in Tampa Can Help with Your Charges

If you have been charged with SBA loan fraud, the most important thing you can do is speak to a Tampa SBA fraud lawyer. At Scriven Law, our experienced attorney can explain the complex federal loan rules and requirements and help you through your case so you have the best chance of retaining your freedom and continued business operation. Protect your business, and yourself, by calling us today at 813-226-8522 or by filling out our online form. We are available 24 hours a day and 7 days a week and can outline your legal options that can lead to a positive resolution.

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