Small-business owners could face jail time as DOJ launches investigation into COVID-19 loan program

The Justice Department has opened an investigation into companies that applied for emergency loans under the Paycheck Protection Program, and businesses that provided misleading information could face jail sentences, experts say.

The new government program aims to help small businesses hurt by the coronavirus crisis.

“Whenever there’s a trillion dollars out on the street that quickly, the fraudsters are going to come out of the woodwork in an attempt to get access to that money,” Assistant Attorney General Brian Benczkowski told Bloomberg News Thursday.

As head of the department’s criminal division, Benczkowski could oversee prosecution of small-business owners or other executives who have certified documents submitted to the Small Business Administration. Prosecutors have contacted 15 of the 20 largest loan processors and the SBA as part of the investigation.

https://www.marketwatch.com/story/small-business-owners-could-face-jail-time-as-doj-launches-investigation-into-coronavirus-loan-program-2020-05-01?siteid=yhoof2&yptr=yahoo

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