Orlando SBA EIDL Loan Fraud Lawyer

Orlando SBA EIDL Loan Fraud Attorney

If you are looking for an Orlando SBA EIDL loan fraud lawyer, you may already know that federal investigators are taking allegations of fraud involving Economic Injury Disaster Loan (EIDL) funds very seriously. Maybe you have received a subpoena or target letter. Perhaps you have learned that you are under investigation. In either situation, knowing what to expect from the legal process is an important first step in your SBA EIDL loan fraud case.

About The Kirlew Law Firm

The Kirlew Law Firm defends clients throughout Florida who are facing complex state and federal criminal cases. Brian Kirlew, founding attorney for the firm, is a board-certified criminal trial lawyer, a designation received by fewer than 2% of Florida attorneys. He has personally tried more than 65 jury trials, handled more than 5,000 cases, and taken more than 7,500 depositions in the course of his career. 

The firm’s experience in the courtroom and with federal investigations allows it to represent clients accused of serious financial crimes, including SBA EIDL loan fraud. Speak with an Orlando white collar crimes lawyer at the firm before you answer questions from federal agents.

SBA EIDL Loan Fraud

The EIDL program was established to provide relief to eligible businesses suffering economic losses due to the COVID-19 pandemic. Tens of billions of dollars were distributed quickly, and investigators later uncovered fraudulent applications, identity theft, and misuse of funds. With SBA EIDL loan fraud, a person may be accused of:

• Providing false information on an application
• Presenting fake business documents
• Exaggerating income
• Diverting money

Frequently, what appears to be fraud might simply be the result of a borrower’s bookkeeping errors, inaccurate data from third parties, or a lack of clarity regarding SBA directives that have been modified.

The SBA says it has sent to the U.S. Treasury Department 562,000 alleged fraudulent loans for collection. The loans in question, totaling $22.2 billion in PPP and COVID EIDL funds, were linked to these borrowers and had previously raised red flags for potential fraud.

SBA EIDL Loan Fraud Charges 

The possible SBA EIDL loan fraud penalties a person faces can vary, depending on the charges brought. In many cases, the potential federal statutes for criminal liability allow for: 

• Imprisonment for a number of years
• Payment of a fine
• Restitution
• A period of supervised release
• Forfeiture of certain assets

Among the most commonly charged offenses are:  

• 18 U.S.C.  § 1343 (Wire Fraud). Wire fraud occurs when an individual or entity intentionally uses electronic communications as part of a scheme to defraud.
  
• 18 U.S.C.  § 1014 (False Statements to a Financial Institution). It is a crime to knowingly make a false statement or omit information in connection with certain loan applications and lending transactions. 

Additionally, individuals could face charges for bank fraud, aggravated identity theft, plotting to commit a federal offense, money laundering, or submitting false information to a federal agency, to name a few. 

The SBA Loan Investigations Progress

SBA fraud investigations can last several months before an arrest is made. When placed under investigation, a suspect may be subject to:

• Seizure of bank records
• Search warrants
• Employee interviews
• Subpoenas of financial records
• Email reviews
• Searches of electronic documents

Some companies first learn of an investigation when they receive a grand jury subpoena for documents. Most federal criminal cases originating in Central Florida are handled in the George C. Young Federal Annex Courthouse, 401 West Washington St., Orlando, FL 32801. Federal prosecutions are unique from state criminal prosecutions in that there are different rules of discovery, sentencing guidelines, and grand jury processes.

What to Do If You Learn of an Investigation

If you are possibly being investigated for alleged SBA loan fraud, do not destroy business records or try to explain your side of the story to law enforcement officers without first speaking to a lawyer. Be sure to save all paperwork related to the loan application. Hire an SBA EIDL loan fraud lawyer as soon as possible to gather and examine the evidence. Then, they can evaluate the applicable legal issues before the matter is filed in court. 

Hire an SBA EIDL Loan Fraud Lawyer Before Speaking With Investigators 

The choice to hire an Orlando SBA EIDL loan fraud attorney during the early stages of an investigation can impact how the case progresses. If formal charges are filed, your lawyer can: 

• Review the prosecution’s evidence through discovery.
• File motions to suppress inadmissible evidence.
• Negotiate with prosecutors if appropriate.
• Prepare the case for trial if necessary. 

FAQs

Q: Can SBA EIDL Loan Fraud Charges Be Filed Years After the Loan Was Received?

A: Yes, SBA EIDL loan fraud charges can be filed years after the loan was received. Investigators may scrutinize banking records, tax returns, and business records long after the initial application process. The timeframe for filing charges varies with the specific federal offense being investigated and the relevant statute of limitations. 

Q: Can All Business Partners Be Investigated for the Same EIDL Loan?

A: Yes, all business partners can be investigated for the same EIDL loan. Investigators can examine the actions and roles of multiple individuals who were involved in preparing, submitting, or managing an SBA EIDL loan application. Whether criminal charges are pursued often hinges on examining ownership splits, financial oversight, past communications, and crucial decision-making roles. 

Q: Does Repaying an SBA EIDL Loan Prevent Criminal Prosecution?

A: Repaying an SBA EIDL loan does not necessarily prevent criminal prosecution. Repayment of the loan may address the outstanding debt, but it does not automatically negate potential criminal liability if investigators believe that fraud was committed during the application process or after receiving the funds. Prosecutors consider the circumstances surrounding the alleged conduct, rather than focusing solely on whether the money has been repaid. 

Q: Can Someone Be Investigated, Even If They Never Received the EIDL Funds?

A: Yes, investigations can be initiated, even if a loan application was denied or the funds were not distributed. Attempting to obtain federal funds through allegedly false information can still subject an individual to criminal scrutiny. Investigators may focus on the intent behind the application, along with the information provided during the process. 

Contact The Kirlew Law Firm Today

If you are being investigated for SBA EIDL loan fraud, do not hesitate to seek legal assistance right away. Hiring an attorney can have a huge impact on your case. The Kirlew Law Firm can represent your interests. Contact us today to learn more.