BGOV Bill Summary: H.R. 7352, Paycheck Protection Program Fraud

Federal prosecutors would have as long as 10 years to file fraud charges against recipients of any loan under the Paycheck Protection Program (PPP), including those issued by financial technology companies, under H.R. 7352.

The program was established by a March 2020 pandemic relief package (Public Law 116-136; see BGOV Bill Summary), and offered low-interest, forgivable loans backed by the Small Business Administration (SBA) to help eligible small businesses, nonprofits, and individuals meet payroll costs and other expenses. Eligible lenders included federally insured banks and credit unions, as well as approved nonbank lenders such as fintech ...