Detecting And Avoiding Payment Protection Program Loan Frauds

Detecting And Avoiding Payment Protection Program Loan Frauds

While the PPP loan introduced by the government has helped small business owners to keep their business operations running, it has also attracted a new wave of scams.

Many businesses have fallen a prey to these scams, and here is how you can keep your business secure from these scams after detecting them.

Avoid Imposter Calls

Whether you have submitted the loan application or not, you are likely to receive an Imposter call, with the scammer claiming to be an officer of SBA. They will try to extract your personal and sensitive business information by telling you that it is needed for verification purposes.

These calls might not look serious, but they can provoke an identity theft, in which the scammer will apply for the loan on your name, you will have to repay the loan by yourself later on. So, be ready to protect yourself if a call like that arrives.

They Might Charge a Fake Fee

Some scammers will contact you to mention that you will need to pay a fee in order to get your PPP loan application approved. They might also try to tempt you by saying that you will receive the funds sooner if you pay them a fee. So, no matter what they offer you, do not fall for their scams.

You can only get the PPP loan through a certified lender or a bank. So, there are no shortcuts.

Phishing Scams

Phishing scams are already very old and effective. In these scams, the scammers might send you can email resembling an email from the SBA. The email attachments in these cases contains malware that gets installed on your system and steal your sensitive information.

An email containing the SBA is never guaranteed to be arriving from them. So, keep yourself out from the PPP loan fraud by only following the recommended and certified means.

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