Paycheck Protection Program Lender Fraud

Several banks and lenders, including Cross River, Zions Bank, Huntington, Frost, and Chase, have issued thousands of dollars in PPP loans. Baron & Budd is currently investigating the lending practices of some of these banks. Reports have emerged that some PPP lenders are reaching out to individuals who may not even own a business and are not eligible for PPP loans, and offering to process a PPP loan in exchange for a kickback. The lender will typically process a loan in an amount around $20,000 and then hold back a portion of the money for themselves.

Some lenders are charging PPP loan applicants a “fee” for processing the loan. Any processing fees charged by the bank on a PPP loan are fraudulent. The federal government pays the lender directly for processing PPP loans. If legitimate PPP borrowers have a portion of their loan held for “fees,” the bank is committing fraud.

If you are a bank employee and have information about one of these schemes, the whistleblower attorneys at Baron & Budd would like to speak to you. Individuals who report information about PPP fraud, may be eligible for a portion of the money recovered as a reward.

Our Team

With more than 30 years of experience in Qui Tam cases, the attorneys on Baron & Budd’s whistleblower representation team have represented some 70 clients in government fraud cases returning over $5.4 billion to federal and state agencies, with whistleblower recovery shares as high as 49%. They are ready to help if you have evidence of fraud involving the Paycheck Protection Program.

Please call (866) 950-0836 or complete our contact form if you would like more information. For more information, see What You Need to Know About Becoming a Whistleblower.  Please understand that contacting us does not mean that you have established an attorney-client relationship with Baron & Budd, P.C.