New Harbor Capital Fund LP and other private equity firms will continue to face a whistleblower’s False Claims Act suit alleging that they made misrepresentations to get Paycheck Protection Program loans.
Congress enacted the PPP in March 2020 to provide emergency financial support to those suffering the economic effects caused by the Covid-19 pandemic.
Whistleblower James R. Berkley alleged that private equity firms Ocean State LLC, Blueprint Test Preparation LLC, and Fyzical Acquisition Holdings LLC—all entities controlled by New Harbor—received PPP loans because of false certifications about satisfying affiliation and necessity requirements. The three entities had sufficient funds because of ...
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