RMF LAW ALERT: Federal Bureau of Investigation Announces Paycheck Protection Program Enforcement
“The Federal Bureau of Investigation (“FBI”) has begun enforcement actions and investigations into fraudulent Paycheck Protection Program (“PPP”) loans. In a statement before the Senate Judiciary Committee, Assistant Director, Criminal Investigative Division Calvin A. Shivers stated that the FBI formed a PPP Fraud Working Group in coordination with the Justice Department’s Fraud Section and the Small Business Administration Office of Inspector General. The FBI has initiated almost 100 investigations since the inception of the PPP and has identified over $42 million in potential fraud. As we discussed in our previous alert, we expect to see a drastic increase in the number of investigations and prosecutions over the next few months, as more cases of fraud come to light.”
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