Dedicated Tampa SBA EIDL Loan Fraud Lawyer

Tampa SBA EIDL Loan Fraud Attorney

Over the last several decades, the SBA, or the Small Business Administration, has issued millions of loans to American small businesses. During the recent COVID-19 pandemic, however, loans became available and were issued due to the nature of the global crisis. Whether you own a coffee shop on Davis Islands or a restaurant in Virginia Park and received such a loan and are now facing criminal charges, a Tampa SBA EIDL loan fraud lawyer can help.

The Kirlew Law Firm, PLLC: Protecting You From Fraud Charges

At The Kirlew Law Firm, PLLC, we have helped thousands of clients with our in-depth knowledge, advocacy both inside and outside the courtroom, and through strategic planning, obtain the optimal outcome available in their SBA or EIDL fraud case. We have handled over 5,000 criminal and white-collar crime cases and now turn our time, attention, and resources to you. At this difficult time, you can trust us to protect you and your business interests. 

Types of SBA EIDL Loan Fraud in Tampa

The EIDL Program, or Economic Injury Disaster Loan, was created to help small businesses across the U.S. recover from the devastating impact of the COVID-19 pandemic. It offered business owners accessible and borrower-friendly capital to help them keep their businesses afloat even when everyone was mandated to shelter in place at home. 

However, according to a recent study, the SBA’s Office of Inspector General estimates that well over $200 billion was given in fraudulent loans distributed by both the PPP, or the Paycheck Protection Program, and the EIDL program. Knowing what to expect if your case proceeds to federal court takes away some of the fear of the unknown. In Tampa, there are a number of deceptive behaviors or practices that may be considered a type of SBA EIDL loan fraud, including:

• Stolen or false identities. Some individuals who acted through fraudulent means to obtain an EIDL loan did so by using stolen or false identities. This has made it difficult for authorities to track down the actual criminals. 
• Misuse of loan funds. Some individuals obtained EIDL funds legally, only to turn around and use those funds in ways that were not allowed under the strict guidelines set out by the SBA. This could include cases where the funds were used for personal investments or expenses that were not related to the operation of the business. 
• Fraudulent loan applications. These actions involved the submission of loan applications that held false information, such as inflated monetary figures or false business details, in order to better qualify for the loan in question. 
• Fictitious businesses. Many SBA EIDL fraudsters created non-existent businesses in order to secure loan funds.

If you have been accused of any of these kinds of SBA EIDL loan fraud, you need to reach out to the team at The Kirlew Law Firm, PLLC right away. Different types of fraud carry different legal standards, and knowing the distinctions matters when putting together a strong defense. We are here to help you better understand the types of fraud, as this is often the first step in protecting yourself from legal penalties and an altered future.

The Penalties for SBA EIDL Loan Fraud in Tampa

When it comes to creating your defense for SBA EIDL loan fraud in Tampa, Florida, you need to know that the prosecution is not going to be taking its job lightly. In fact, they will likely try everything in their power to secure a conviction. If you are convicted, the penalties are severe and can include:

• Fines, which can reach into the hundreds of thousands, depending on the specifics of your case
• Incarceration, which can last up to several decades, depending on the severity of your fraud charge
• Restitution, or having to pay back the full amount of the fraudulently obtained loan
• Asset forfeiture, or having your assets that were obtained by fraudulent means acquired by the United States government, including your property and bank accounts. Understanding how asset forfeiture works can help business owners prepare for what might come next.

FAQs

What Is the Penalty for Misuse of Funds with EIDL?

Misusing funds with an EIDL loan can result in a number of serious civil and criminal penalties. The severity of these penalties typically depends on whether there was an intentional act of fraud, how the misuse happened, or both. You could face prison time, millions of dollars in fines, and a 30% unemployment rate if convicted. 

What Should I Do If I Believe I Am Being Investigated for EIDL Loan Fraud?

If you come to suspect that you are under investigation for EIDL loan fraud, you need to avoid speaking with any investigators or providing these investigators with any documents before you speak with an attorney. Statements made by you during an interview can and likely will be used against you, which is why having an attorney on your side from the beginning is so essential. 

What Federal Agencies Are Often Involved in an SBA EIDL Loan Fraud Investigation?

During an SBA EIDL loan fraud investigation, there are a number of federal agencies that could become involved, depending on the exact nature of your case. These agencies can include the Federal Bureau of Investigation, the SBA Office of Inspector General, the U.S. Department of Justice, the Internal Revenue Service Criminal Investigation Division, and, in some cases, the U.S. Postal Inspection Service. 

What Should I Do If Federal Agents Contact Me About an EIDL Loan?

If federal agents contact you about an EIDL loan, it is important that you remain calm and polite, but you do not make any statements or answer any significant questions without having your attorney present. You have the right to consult legal counsel before any statements are made, and you also have the right to decline an interview before securing legal counsel. 

Hire an SBA EIDL Loan Fraud Lawyer Today

Facing any kind of SBA loan fraud charge can bring substantial financial penalties, federal investigations, and the possibility of incarceration to your doorstep. During this time, it is essential that you hire an SBA EIDL loan fraud lawyer as soon as possible, as a delay in doing so will likely only land you in hotter water. At The Kirlew Law Firm, PLLC, we invite you to contact us via our online form or by phone and schedule your free consultation today.