In Tampa, thousands of businesses rely on SBA, or Small Business Administration, loans to successfully operate on a daily basis. Should you find yourself under investigation by the SBA OIG, or Office of Inspector General, it is likely that they are focusing on possible fraud. Whether you own a bar in West Tampa or a coffee shop in Sunset Park, understanding what an SBA OIG investigation means for Tampa business owners is essential, and a Tampa SBA loan fraud lawyer can help.
Defining SBA Loan Fraud and SBA OIG Investigations
In times of economic uncertainty, businesses throughout Tampa have used SBA relief programs to stay afloat, most recently during the global COVID-19 pandemic. As the years have passed, many federal agencies have started to review applications and the use of loan funds and have found discrepancies, which have caused them to launch various investigations into possible fraud.
In 2023, across the United States, 59% of small businesses applied for some kind of loan. In Florida, 36,416 of the loans received have been SBA 7(a) loans. SBA loan fraud can take many forms, and should you find yourself under investigation by the OIG for any of these forms of fraud, you need to act:
- Making false statements or misrepresenting facts on SBA loan applications
- Applying for multiple loans at once while using separate entities to do so
- Using loan proceeds for personal expenses or investments
- Inflating payroll numbers, employee counts, or revenue to receive a large loan amount
- Submitting fraudulent or altered tax returns
During an investigation, the federal agents assigned to your case are likely to review documentation and evidence such as:
- All applicable federal and state tax returns
- Payroll records and employee documentation
- All SBA loan applications and their supporting documents
- Accounting records and bookkeeping files
- Contracts, receipts, and invoices
- Personal and business financial transactions
Keep in mind that coming under investigation can harm your business, which is why it is so essential that you reach out to a Tampa SBA loan fraud lawyer as soon as you can. The federal agents are going to comb through all of your business records, speak to various parties, and do whatever they can to bring official charges forward. You need a legal partner who can protect you from these actions.
Signs You Are Being Investigated
There are a number of signs that can point to an SBA OIG investigation, and it is wise to make yourself aware of these signs, including:
- Frozen assets. If you find that you are suddenly unable to access your property or bank accounts, then it could mean the OIG and other agencies have initiated some kind of investigation or probe into your financial assets and activities.
- Contact from the OIG. You receive a call from the OIG, FBI, or Department of Justice regarding possible fraud. Do not take these calls lightly.
- Bank inquiries. In certain cases, your bank might contact you and ask for details related to specific transactions or irregularities in your activity. In these situations, it is likely that they have already been subpoenaed and are working with investigators.
- Warrants or subpoenas. You may have a warrant or subpoena issued against you, which could mean serious trouble is coming. Receiving a federal subpoena is another serious development that requires immediate attention from legal counsel. Having an attorney on your side is essential when served with a warrant or subpoena.
About The Kirlew Law Firm, PLLC
At The Kirlew Law Firm, PLLC, we have dedicated our legal careers to helping those who find themselves on the wrong side of federal investigations. Being investigated by the Office of Inspector General is no laughing matter, and we are here to back you up and protect your rights in whatever ways we can. With over 5,000 similar cases and defenses under our belt, we now turn our time, attention, and resources to you.
FAQs
What Are the Penalties for SBA Loan Fraud?
If you are convicted of SBA loan fraud in Tampa, you could face a number of serious and life-altering penalties. These include substantial monetary fines, the forfeiture of your assets, restitution payments to pay back the fraudulently secured funds, imprisonment, and probation. Factors like the amount of fraudulently obtained funds and any past criminal history can play into sentencing.
Can You Be Charged With SBA Loan Fraud Even If You Didn’t Obtain the Loan?
Yes, depending on the factors of your case, you could be charged with loan fraud even in cases where you did not obtain the loan. Federal agents can pursue criminal charges if they have reason to believe you knowingly attempted to obtain the loan through fraudulent means, even in cases where your application was eventually denied.
What Federal Crimes Are Often Associated With SBA Loan Fraud?
Depending on the unique facts of your case, there are a number of additional federal criminal charges that the prosecution may bring forward. These charges can include those for wire fraud, bank fraud, making false statements to your financial institution, conspiracy, aggravated identity theft, mail fraud, or making false statements to the federal government. Understanding how white-collar crimes in Florida are prosecuted helps business owners see the bigger picture of what they’re up against.
What Should I Do If I Am Being Investigated?
If you are being investigated for SBA loan fraud by OIG, you need to first exercise your right to remain silent and your right to seek legal counsel. Do not provide federal investigators with any kind of statements or offer them documents without first speaking to your attorney. A seasoned Tampa SBA loan fraud attorney is here to protect your rights, communicate with the investigators on your behalf, and develop a legal defense.
Hire an SBA Loan Fraud Lawyer Today
If you find yourself under investigation by the SBA OIG, you need to take it seriously and hire an SBA loan fraud lawyer as soon as possible. Do not try to handle this yourself, as that usually only spells more complications and frustrations. Instead, you need to trust the team at The Kirlew Law Firm, PLLC. We are here to serve you when you need us most. We invite you to contact our offices by phone or via our online contact form and schedule a free consultation.
