SBA EIDL Fraud & How It Is Discovered

SBA EIDL Fraud & How It Is Discovered

Every day, and often multiple times a day, we read stories about people or businesses being indicted for PPP or SBA EIDL loan fraud.

I have always wondered how these cases are discovered.

First, the SBA Inspector General has an online portal to submit loan fraud reports. The portal can be found at https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline#submit-a-complaint.

Second, the FBI has special agents and field offices throughout the country investigating SBA EIDL loan fraud and

Third, The New York Times recently published an article titled "They Investigated Pandemic Fraud, Then Earned Thousands," available at https://www.nytimes.com/2024/11/23/us/politics/pandemic-fraud-lawsuits.html. The article explains that under the False Claims Act, private citizens can file lawsuits on behalf of the federal government against those who may have defrauded the United States. If the government recovers funds, these citizens can typically earn between 15 and 30 percent of that amount. These lawsuits are known as "qui tam," or whistle-blower cases, and citizens have recovered hundreds of thousands of dollars by bringing these cases.

This story brings to mind the old adage that one person's misfortune is another person's fortune!

Jim Shenwick, Esq

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jshenwick@gmail.com

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