The Payroll Protection Program was included in the CARES Act to provide small businesses with funds to pay employees when the Covid-19 pandemic hit. Like almost any government assistance program in history, there have been instances of fraud related to PPP loans. The Department of Justice and Office of The United States Attorneys have been on the lookout for businesses and people who fraudulently obtained PPP funds. If you have been contacted by law enforcement about your PPP funds, do not make any statements to law enforcement and call an experienced Federal Fraud Lawyer at the Barone Defense Firm immediately.
What are the qualifications to be eligible for the PPP?
The first requirement to be eligible for the PPP is that the business must be a small business as defined by the U.S. Small Business Administration (SBA). Your business must not have more than 500 employees or must meet the size standards set by the SBA. The SBA sets size standards in terms of revenue dollars and number of employees. For example, if you own a brewery, you’re considered a small business by the SBA if you have 1,250 employees or less