Can you go to jail for PPP loan fraud?

If the lie on your PPP loan is counted as deceiving a financial institution to profit, then you can be charged with bank fraud under U.S. Code Title 18 U.S.C. 1344. … Typically, for an individual facing a misdemeanor for this crime, the bank fraud punishment can be up to one year in jail and up to $4000 in fines.

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Likewise, people ask, has anyone went to jail for PPP?

A Georgia man was sentenced today to 18 months in federal prison for fraudulently obtaining $285,742 through a Paycheck Protection Program (PPP) loan guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act.

Keeping this in view, how do I file PPP fraud? You may report fraud, waste, mismanagement, or misconduct involving SBA programs or employees either online or by calling the Office of the Inspector General (OIG) at 800-767-0385. You may choose to remain anonymous.

One may also ask, how is Whistleblow PPP a fraud?

Whistleblower PPP Loan

If you did not meet our firm’s requirements for a PPP case, you can either contact the National Center for Disaster Fraud (NCDF) at (866) 720-5721 or file an online complaint at: .

How much money do you get for reporting a scammer?

If a company is cheating the government by $100,000 you would only get a reward of around $15,000. That’s because a reward for reporting fraud against the government is between 15 and 25 percent of the amount the government actually gets back from the company defrauding the government.

Is there a reward for reporting PPP fraud?

The law provides a financial incentive for whistleblowers to report such wrongdoing by filing a lawsuit on behalf of taxpayers. This “qui tam” provision allows prevailing whistleblowers to receive up to 30% of the money returned to the U.S. Treasury.

Who went to jail for PPP?

First person charged with Paycheck Protection Program fraud sentenced to federal prison. David Adler Staveley faked his suicide to evade arrest after prosecutors said he tried to scam the government out of $543,000 in coronavirus relief funds, officials said.

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