FTC Cautions Business Owners Applying For SBA Loans Through The Paycheck Protection Program or Economic Injury Disaster Loans Program To Be On The Lookout For Scams

Kehoe Law Firm, P.C. is making business owners aware that the FTC has provided guidance to help business owners avoid being scammed into providing sensitive business information, such as bank account numbers, employee Social Security numbers, and even money.

According to the FTC:

  • Don’t pay in advance for information. All the information from the SBA is free at sba.gov/coronavirus.
  • Don’t pay in advance for a government loan. You don’t have to pay up front to get an SBA loan.
  • Don’t give your information to someone who calls, emails, or texts you out of the blue. The SBA won’t call unsolicited to find out information about you or your business, or to ask you to apply for a loan. The SBA is not going to send you emails or text messages asking for sensitive information. If you get an email or text like this, delete it. It’s a scam.
  • Don’t apply for a loan without verifying the lender. Only SBA-authorized lenders can provide PPP loans, and other loans may be available through SBA directly. To find an SBA-authorized lender in your area, use this SBA tool.
  • Don’t click on links or reply to emails or text messages from someone you don’t know. If you click on the links, you could download malware to your computer or device or be connected to a scammer or hacker.

Also, the FTC recommends that business owners warn staff to be alert for spoofed emails and bogus calls, and, importantly, if you or your employees spot a scam, please let the FTC know at ftc.gov/complaint.

Source: Federal Trade Commission – FTC.gov

Kehoe Law Firm, P.C.