Multiple PPP Loan Applications Submitted to Different Lenders
Under the CARES Act, companies are only eligible to receive one PPP loan from one lender at a time. Obtaining more than one PPP loan (or “stacking” PPP loans) is prohibited, and companies that applied with multiple lenders could face allegations for attempting to stack PPP loans. Even if only one PPP loan was obtained, attempting to obtain more than one loan can still lead to criminal prosecution. Under 18 U.S.C. § 1349, individuals and companies charged with attempt can face the same penalties that apply to the “successful” completion of a criminal offense (i.e. bank fraud, making false statements to an FDIC-insured financial institution, or making false statements to the SBA).