Business

Governor's Legal Counsel Advising Local Businesses of New Fraud Rules For Covid-19 Funds Signed Into Law by Biden

The Office of the Governor’s Office of Legal Counsel (OLC) on Friday advised local businesses that on August 5 President Joseph Biden signed into law two bills that were passed with bipartisan support that extend to 10 years the statute of limitations for bringing criminal and civil enforcement actions involving fraud committed under the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program administered by the Small Business Administration.  According to Government House, the enactment of these laws — the PPP and Bank Enforcement Harmonization Act of 2022 and the Covid-19 EIDL Fraud Statute of Limitations Act of 2022 — further demonstrates the federal government’s continued commitment to rooting out fraud targeting pandemic relief programs, and that these efforts will continue for years to come, according to Chief Legal Counsel David Bornn. The PPP and EIDL were enacted as part of the Coronavirus Aid, Relief, and Economic Security Act to help small b...