In Philadelphia, PA, How Do You Report Paycheck Protection Program Loan Fraud?
Coming forward about your employer's fraud can be extremely difficult as a whistleblower. One of the most important reasons for this is fear. Fear of retaliation, loss of job, blacklisting, and criminal prosecution are all reasons why many whistleblowers choose to remain silent. We understand that there are many types of fraud that occur at all levels of business and that whistleblowing is not always easy. If you have been harmed as a result of an employer's illegal activity, you should be aware that your employer cannot retaliate against you for reporting fraud evidence.
The Paycheck Protection Program, or PPP, is an economic stimulus plan aimed at assisting small businesses affected by the coronavirus pandemic. The PPP was intended to provide forgivable loans to qualifying businesses, but it has instead become a tool for fraudsters to steal from businesses struggling to stay afloat during this crisis. While most people are unaware of the PPP, some do use it. Some borrowers claim that they have not received their funds. We can assist you if you are a victim of PPP fraud and wish to report it.
What are the PPP eligibility requirements?
In early March, the United States Department of Treasury and the Internal Revenue Service (IRS) announced the Paycheck Protection Program (PPP). The Public-Private Partnership (PPP) is a $349 billion relief package that provides funding to small businesses to keep workers employed during the COVID-19 pandemic. This is one of the most significant economic stimulus packages since World War II. Economic Injury Disaster Loan (EIDL), Emergency Small Business Association (ESBA), and Paycheck Protection Program (PPP) are all part of the PPP.
The EIDL is a loan given to individuals and businesses who are facing financial difficulties as a result of the coronavirus. The EIDL can be used to help pay for payroll, rent or mortgage payments, utilities, and other essential expenses. For qualified applicants, the PPP is a loan forgiveness program. At a low interest rate, the loan can be repaid in ten years. The loan can also be forgiven if the company establishes a qualified repayment plan, such as a pension plan, to repay it. The ESBA provides emergency funding to state and local governments to help small businesses with cash assistance.
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