PPP and Bank Fraud Enforcement Harmonization Act of 2022
Aug 5, 2022
Statute: 136 Stat. 1365
Became law: Aug 5, 2022
Aug 5, 2022
Statute: 136 Stat. 1365
Became law: Aug 5, 2022
Summary
Gives the government 10 years to charge people with fraud for loans from the Paycheck Protection Program.
What problem does this solve?
The government was running out of time to find and charge people who lied to get Paycheck Protection Program loans during the pandemic. This law gives the government a total of 10 years to investigate and prosecute this type of fraud.
What does this law do?
Extends fraud prosecution time for first PPP loans
Sets a 10-year time limit for the government to file criminal or civil charges for fraud related to the first round of Paycheck Protection Program loans.
Who does this affect?
- PPP loan recipients
- Small business owners
- Federal prosecutors
What is the real world impact?
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Ensures accountability for PPP fraud
Provides the government with enough time to investigate and prosecute the large number of fraudulent loans made during the Paycheck Protection Program, making sure people who broke the law are held responsible.
When does this start?
This law became effective on August 5, 2022.