Federal Defense Attorneys for EIDL Loan Fraud Investigations in San Diego
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- Only Sr. Attorneys – You will work directly with a Sr. Attorney who will keep you apprised on a regular basis regarding the details of your case.
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The U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program has played a vital role in helping keep San Diego’s economy afloat during the COVID-19 pandemic. However, it has also proven to be vulnerable to fraud, and the U.S. Department of Justice (DOJ) is prioritizing the prosecution of EIDL loan fraud cases nationwide.
7 Common Allegations in EIDL Loan Fraud Cases
1. Submitting a Fraudulent Loan Application
Submitting a fraudulent application for an EIDL loan is perhaps the most-common allegation in EIDL loan fraud cases.
2. Misrepresenting the Size of a Business
Eligible businesses must have fewer than 500 employees.
3. Receiving Multiple EIDL Loans
Each business is only entitled to receive one EIDL loan.
4. Falsely Certifying EIDL Loan Compliance
EIDL loan recipients are required to certify their compliance with the terms of their loans on an ongoing basis.
5. Using EIDL Loan Funds for Ineligible Purposes
The EIDL loan program limits the purposes for which recipients can use their loans.
6. Commingling EIDL Loan Funds with Other Sources of Income
Recipients should maintain separate bank accounts for their federal relief loans.
7. Defaulting on an EIDL Loan
Defaulting on an EIDL loan can lead to federal scrutiny of the recipient’s application.
What are the Risks of Facing an EIDL Loan Fraud Case in San Diego?
Common charges include:
- Aggravated Identity Theft – Up to 2 years of federal imprisonment
- Bank Fraud – Up to a $1 million fine and 30 years of federal imprisonment
- Wire Fraud – Up to a $1 million fine and 30 years of federal imprisonment
To schedule a free and confidential case assessment, please call 888-680-1745.
Written By
Todd Spodek
Todd Spodek is the Managing Partner of Spodek Law Group P.C. He is a second-generation trial attorney who has been recognized as one of the Top 100 Trial Lawyers in the country. He has represented clients in some of the highest-profile federal criminal cases in the Eastern District of Pennsylvania and beyond.
