Paycheck Protection Program Archives

Feb 2, 2021

DOJ on the Lookout for PPP Fraud

On January 12, 2021, the U.S. Department of Justice (DOJ) announced the first civil settlement to arise out of the Paycheck Protection Program (PPP). Internet retailer SlideBelts Inc. and its president and CEO, Brigham Taylor, have agreed to pay $100,000 in damages and penalties to resolve allegations that they obtained a $350,000 PPP loan by falsely representing to bank lenders when they applied for the forgivable loan that the company was not in bankruptcy, when in fact it was. The loan proceeds have already been repaid to the lender. The PPP was part of the CARES Act passed in March… Read more

Mar 31, 2020

COVID-19 Related Assistance for Cooperatives and Condominiums Under the Federal CARES Act

Significant benefits may be afforded cooperatives and condominiums through the Paycheck Protection Program contained in the CARES Act passed by Congress and signed into law on March 27th. The Program is intended to ameliorate the impact of the COVID-19 pandemic on employers of fewer than 500 persons. Details as to the benefits available under the Program cannot be confirmed until the Small Business Administration publishes implementing regulations, which the Act requires in 15 days, or the government issues other guidance, but cooperatives and condominiums, and their managing agents and accountants should be aware of the possibility in assessing the impact… Read more