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Beware SBA Loan Scams!

Updated: Apr 1, 2020

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.

More here.

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