DOJ-SlideBelts Civil Settlement out of PPP Fraud Alegations

Thursday, April 8, 2021
The U.S. Department of Justice (DOJ) recently announced that it has entered into the first civil settlement arising out of fraud allegations under the federal Paycheck Protection Program (PPP). The case involved SlideBelts Inc. and its CEO, Brigham Taylor. SlideBelts Inc. had obtained a $350,000 loan under the PPP.
The DOJ’s decision to enter into a civil settlement represents a sound and reasoned approach to resolving many PPP loan fraud investigations. While some cases of fraud under the PPP undoubtedly warrant criminal prosecution, it is equally clear that many do not. In many cases, companies and their executives unknowingly violated the hastily-drafted and difficult-to-interpret terms of the PPP. Additionally many companies, including SlideBelts Inc., have cooperated with the DOJ and returned their PPP loan funds upon facing investigations, and resolving these types of cases through civil settlement allows for an efficient resolution with appropriate outcomes for the company, the federal government, and the PPP lender.

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