Beware SBA Loan Scams!
Updated: Apr 1
There have been reports of scams in connection with Small Business Administration Economic Injury Disaster Loans, as unscrupulous individuals seek to take advantage of those hurt by COVID-19.
The SBA urges businesses to be on the alert, and wants to remind you of the following if someone contacts you about a loan:
- There's no immediate deadline to apply.
- There's no fee to apply.
- No credit card information is required.
Also remember these helpful hints if you think you might be the target of a scam:
- Don't release any private information (especially Social Security numbers, credit card information, or banking information) in response to an unsolicited call, letter, or email.
- Contact the Better Business Bureau (BBB) for more information on a company before you commit to anything.
- Contact your state's Attorney General's office.
- Do a reverse search of the phone number on the internet--you'll often find that several people have listed the number as belonging to scammers. Ask for the number if you don't have caller ID.