LA Law Firm and Senior Managers Settle False Claims Act Allegations Regarding Misuse of COVID-19 Business Loan Funds
LOS ANGELES – The Bloom Firm, a Calabasas-based law firm, and Lisa Bloom and Braden Pollock, members of the firm’s senior management, have agreed to pay a total of $274,000 to settle allegations that they violated the False Claims Act by knowingly providing false information in support of a Paycheck Protection Program (PPP) loan forgiveness application submitted by The Bloom Firm.
Congress created the PPP in March 2020, as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, to provide emergency financial support to the millions of Americans suffering economic hardship due to the COVID-19 pandemic. The CARES Act authorized billions of dollars in forgivable loans to small businesses struggling to pay employees and other business expenses. In December 2020, Congress approved funding for a “second draw” of PPP loan funds, which became available to borrowers beginning in January 2021. An entity’s first PPP loan is often referred to as a “first draw” PPP loan. When applying for forgiveness of any PPP loans, borrowers were required to certify the truthfulness and accuracy of all information provided in their applications, including that they spent the PPP loan funds on eligible expenses, such as payroll.
The United States alleged that, at the direction and with the assistance of Lisa Bloom and Braden Pollock, The Bloom Firm sought and obtained...
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