Correspondingly, can you go to jail for PPP loan?
Depending on the circumstances, the federal government might charge people accused of defrauding the PPP under the following provisions: 15 U.S.C. § 645: Making a false statement to the SBA. This can result in a fine of up to $5,000 and up to 2 years in prison.
Also know, is it too late to get a PPP loan?
And the deadline to apply for PPP loans is in any case quickly approaching (May 31, 2021). Any companies still looking to access the remaining funds in the program, whether in bankruptcy or not, will therefore need to act quickly.
Is there still PPP money left 2021?
PPP Money – Nearly All Gone: Only $8 billion remains available. Source: CBS News, April 6, 2021.
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. … The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral.