DALLAS (PRWEB) June 13, 2020
Oberheiden P.C., a federal compliance and defense law firm headquartered in Dallas, Texas, has formed a PPP Loan Fraud Defense Team that is representing companies in audits and investigations related to their activities under the Paycheck Protection Program (PPP).
While the PPP provides struggling companies the opportunity to obtain forgivable, low-interest federal loans during the COVID-19 pandemic, these loans come with strings attached. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which created the PPP, places restrictions on both PPP loan applications and the use of PPP loan funds. During the PPP’s initial $349 billion round of federal funding, it became clear that many companies and individuals were abusing the program, and this led the U.S. Treasury Department and the U.S. Department of Justice (DOJ) to closely scrutinize many PPP loan recipients.
In particular, the Treasury Department has tasked the U.S. Small Business Administration (SBA) with auditing all companies that received PPP loans of $2 million or greater. The DOJ is not targeting loans above a particular threshold, but instead is investigating identified instances of apparent PPP loan fraud. The DOJ has already filed numerous criminal complaints against company owners and executives, and both SBA audits and DOJ investigations have the potential to lead to substantial penalties.
Oberheiden P.C.’s PPP Loan Fraud Defense Team is led by founding attorney Nick Oberheiden, PhD. The PPP Loan Fraud Defense Team also includes several of the firm’s former federal agents, including former Special Agents and Supervisory Special Agents with the DOJ’s Office of Inspector General (OIG) and the Federal Bureau of Investigation (FBI).
According to Dr. Oberheiden, “PPP audits and investigations have the potential to lead to significant ramifications. Already, companies’ loan accounts are being frozen, and owners and executives are facing charges for bank fraud, wire fraud, and other federal crimes. Our firm’s PPP Loan Fraud Defense Team is prepared to defend companies of all sizes facing SBA audits and DOJ or FBI investigations nationwide.”
Dr. Oberheiden also explains that the inclusion of former federal agents on the firm’s PPP Loan Fraud Defense Team provides companies with a distinct advantage. “In addition to our former federal prosecutors, our PPP Loan Fraud Defense Team’s former OIG and FBI agents bring invaluable experience to the table. These individuals are intimately familiar with federal auditing and investigative procedures, and they are able to use their prior experience to help companies anticipate potential issues before they lead to problems.”
Dr. Nick Oberheiden has been very busy since April handling inquiries as it relates to PPP fraud and his work has been featured on Fox News.
Just as the economic effects of the COVID-19 pandemic are expected to linger for years to come, PPP loan recipients must view potential loan fraud audits and investigations as a long-term risk as well. Companies that are facing audits and investigations or that are concerned about potential allegations of PPP loan fraud can call 888-680-1745 for a free consultation.
The information contained in this statement does not constitute legal advice. Prior results do not guarantee similar outcomes. This information may constitute attorney advertising in some jurisdictions. All website disclaimers apply.
CONTACT: Nick Oberheiden, PhD
5728 Lyndon B. Johnson Fwy. #250
Dallas, TX 75240
888-680-1745 | Nick@Federal-Lawyer.com