Lawyer’s Criminal Charge Barred PPP Loan, Fifth Circuit Says

A bank was correct to freeze the account of a law firm which was ineligible for Paycheck Protection Program relief funds it had claimed, the Fifth Circuit held Friday.

William Ramey, sole owner of Ramey & Schwaller LLP, was charged for attempted sexual assault in 2019. While the charge was pending, the firm applied for $249,300 in pandemic relief funds.

Question 5 of the Small Business Administrations PPP loan application form asked whether any owner of 20% or more of the applicant was subject to criminal charges, and barred applicants who were. Ramey answered “No,” and based on that representation ...