Business Owners Beware: PPP Loan Scams are in Spring Bloom
Scammers are out in full force this spring after your paycheck protection program dollars offered by the you as a small business Association. If you remember my show from two weeks ago we discussed how to go about applying for the Paycheck Protection Program and the Economic Injury Disaster Loan and the strategy to use to maximize the highest award from both programs. As if it’s not bad enough that were suffering economically from this crazy pandemic now the FTC has announced it has filed a cased against a company that is claiming to offer the Paycheck Protection Program loans but in reality they’re not affiliated with SBA and they’ve been deceiving thousands of business owners.
Scammers have been getting distraught business owners and individuals to turn over sensitive corporate information like business tax ID numbers, individual social security numbers, financials, bank account information, things that the SBA does not require with the initial online application.
According to the FTC, Ponte Investments LLC marketing their loan program calling it the, “SBA loan program” and they were capturing business owners data from a website of the same name saying, “it’s easier than ever to get approved.” Not only did these business owners not apply for the actual loan but now they may be left empty-handed because the first round of disbursements is fully committed. Business owners are hoping for a second round of disbursements but at this point, no one knows for sure if more money will be dispersed.
If you are a business owner, the only way to apply for these payroll protection loans is through your actual bank you do business with or find the details at SBA.gov/coronavirus .
Some helpful tips to dodge the scam risk regarding this payroll protection program:
*if you receive an email that soliciting you to apply for this loan do not click on any links they could be malicious order take you to one of the scam websites
*always remember the government will not ask you to pay upfront for fees and it will not ask you for your personal Social Security number bank account or credit card information
*always be cautious of companies that offer to expedite or facilitate your ability to get these loans because you have to get in line at a regular bank like everybody else
*if you’re considering going online to apply, confirm with your current bank the appropriate website link, because many banks have restricted their applications to existing customers only
*only go to websites that you actually bank on and you know and trust them to be safe
If you avoid questionable links, you’ll avoid those same, and other online scams.
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