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PPP Fraud: A Look Back at the CARES Act

CARES Act Pins

In April of 2020, amid shutdowns and with the first wave of the COVID-19 pandemic hitting the United States, Congress passed the CARES Act authorizing the first allotment of funding for the Paycheck Protection Program, or PPP. The PPP provided funding for financial institutions to make forgivable loans to businesses large and small, to pay operating expenses and make payroll through lockdowns.

The first $349 billion in funds allocated to the PPP were distributed through financial institutions in just 14 days, and were followed by almost $200 billion more over the next two months. While the program provided an essential lifeline for my businesses, the sheer volume and scale of money moving made fraud inevitable, and numerous cases of PPP fraud are already emerging.  

Is your organization ready for the inevitability of fraudulent PPP loans?  What is your compliance responsibility around this program? The Department of Justice has indicted several illicit borrowers for fraud under the program, and FinCEN has issued SAR related guidance relating to COVID-19. 

In this episode of the CrimeCast, Terri Luttrell, Compliance and Engagement Director with Abrigo, discusses how you can avoid getting blindsided by PPP fraud through early detection and reporting.

See What Certified Financial Crime Specialists Are Saying

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KATYA HIROSE CFCS, CAMS, CFE, CSAR Director, Global Risk & Investigation Practice FTI Consulting, Los Angeles