Chicago Criminal Lawyer Blog
As a seasoned Chicago criminal defense attorney, I have witnessed the myriad ways in which financial misconduct can manifest, especially during times of economic upheaval. The Paycheck Protection Program (PPP), established to provide relief to businesses affected by the COVID-19 pandemic, unfortunately, has also become a fertile ground for fraud. Understanding the most common types of PPP loan fraud is crucial not only for those facing allegations but also for the broader community to comprehend the legal landscape surrounding these offenses.
Understanding the Statute and Relevant Laws
The Paycheck Protection Program was enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The program aimed to provide small businesses with funds to keep their workforce employed during the pandemic. Administered by the Small Business Administration (SBA), the PPP offered forgivable loans to businesses under specific conditions, primarily related to the maintenance of payroll.
