By now, you’ve no doubt read headlines of the various fraud schemes being conducted related to COVID-19 relief programs. Whether it was the case of an ophthalmologist being charged with a $630,000 scheme, or a Florida man charged with defrauding Medicare of at least $5.6 million, there has been no shortage of bad actors getting caught for their nefarious deeds. In fact, there have been a total of 33 cases so far that have led to the Feds seizing two Lamborghinis, a Rolex Presidential watch, a 5.73-carat diamond ring, a Tesla, a 26-foot Pavati Wake Boat, two Rolls-Royces, cash hoards, and various other recovered other assets.
To combat the fraud, Treasury Secretary Steven Mnuchin recently announced that the Treasury Department would review every loan over $2 million. However, the Government Accountability Office has stated “there is a significant risk that some fraudulent or inflated applications were approved,” and has recommended oversight of the more than 4 million loans under $2 million.
But not all those running afoul of the law had such devious intentions. Just like so many other regulations that have been released since the outbreak, there’s a great deal of complexity and nuance to the Paycheck Protection Program (PPP).
While the complexity may be built into these new laws, the onus is still on us to make sure we understand the proper uses of these allowances, and the appropriate tracking requirements when you receive them. So, in order to help you maintain compliance if you have applied–or are thinking of applying–for funds, we’ll be hosting a brand new webinar, “How to Properly Protect and Manage Your PPP Funds,” where we’ll explore:
- Best Practices for Proper Use of PPP in Your Clinical Operations
- Case Studies of Fraud in the PPP Program
- Tracking Mechanisms to Help You Stay Compliant