Beware of PPP and EIDL Loan Fraud!

WASHINGTON, D.C. - Whether you have applied for an Economic Injury Disaster Loan (EIDL) or not, you could be at risk for scams via hacked information from Paycheck Protection Program (PPP) applications or other avenues. More than 1000 reports have been made to the SBA that business owners are fighting fraudulent EIDL applications taken out in their name based on information that hackers have pulled from PPP applications, and other avenues of information gathering.

It’s important to know what to do if you suspect unauthorized activity, and actions you can take to deter it.

1.            Stay Alert: be especially watchful of your mail, emails, and lender communications. If anything seems suspicious, or you receive an official notice regarding EIDL and you did not apply for it, report it immediately.

2.            Notify Lenders: inform your lender (whether you participated in the EIDL program or not) so that they are aware of potentially fraudulent loans. Should the lender identify liens that shouldn’t have been filed, the owner will need to report the fraudulent loan to the SBA.

3.            Be Proactive: in addition to notifying lenders of your loan program status mentioned above, business owners should closely monitor personal credit reports. We recommend putting a hold/freeze on your credit to help monitor any authorized activity.

4.            Report Immediately: with the uptick in fraudulent activity, it’s important to report your case immediately to SBA to start an investigation and address the business fraud.

SBA Customer Service Center: 1 (800) 659-2955