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PPP Borrower Pays Damages and Penalties to Government in First False Claims Act Settlement

The US Department of Justice announced the first civil settlement involving allegations of fraud against a PPP borrower.

SlideBelts Inc. received a PPP loan under the CARES Act.  SlideBelts is an internet retail company and debtor in bankruptcy.  SlideBelts and its president/CEO agreed to resolve the allegations in connection with the PPP loan by paying the government damages and penalties of $100,000.  SlideBelts had already repaid the $350,000 PPP loan it had received.

The announced civil settlement resolves claims that the conduct of SlideBelts and its president/CEO violated ...

Posted in: CARES Act/PPP, COVID-19, Federal Tax
Tags: CARES Act, FCA, FIRREA, PPP, PPP Loans, SlideBelts
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