Toomey Discusses Success of Paycheck Protection Program in The Colorado Sun
Financial Services partner Kevin Toomey was quoted in a recent article from The Colorado Sun that discusses the impact of Paycheck Protection Program loans on Colorado businesses. The article analyzes the details of $15.1 billion of Colorado loans that were originated under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Toomey discussed the firm's CARES Act Fraud Tracker, which was established to track criminal cases that the Department of Justice (DOJ) has brought to address CARES Act-related fraud. He also explained how the "program and lenders were successful in delivering billions of dollars of much-needed financial relief to small businesses" and that, to date, only a small percentage of PPP borrowers have been charged with fraud.