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FEATURED ARTICLE
Best Practices: Fraud in the PPP Loan Program
By: Norman E. Greenspan, Esquire
The general purpose of the Cares Act, including the Payroll Protection Program (“PPP”), was to provide needed financial assistance to small businesses struggling with the economic chaos created by the COVID-19 pandemic. The speed with which loan applications were received and processed, and loan proceeds disbursed, was unprecedented. 
According to the SBA, as of August 15, 2021, there have been 11,492,021 PPP loans totaling more than $792 Billion. Applications for forgiveness amounted to $498 Billion, with forgiveness payments totaling $471 Billion. https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-data. In enacting the Cares Act, Congress recognized the importance of getting needed funds into the hands of small businesses as soon as possible. Lenders were asked, in essence, to serve as intermediaries, and dispense with customary underwriting practices which, if required, would have jeopardized the ability of countless small businesses to survive. Accordingly, the lending process was accelerated. PPP lenders were permitted to rely on the representations and documents provided by the prospective borrowers to determine the amounts of the loans for which the borrowers were eligible. Under the Cares Act, borrowers were required to certify that they were eligible to receive PPP loans under the rules in effect at the time they were applied for.  


IN THE SPOTLIGHT
Janet M. Dery, Esquire
Janet is a Partner in the firm's Fort Washington office. Her practice's primary focus is on commercial lending, business law, and real estate. Representing bank and non-bank lenders in hundreds of commercial lending transactions nationwide, she has extensive experience as closing counsel for various financial transactions, many of which involve government assisted programs and multi-jurisdictional issues and collateral. In such role, she uses her knowledge of finance and a proactive approach to assist the lenders with eligibility determinations, due diligence collection, preparation and negotiation of loan documents, and closing of the loan transactions.

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