PPP loans have been rolling out since early April, with intermittent gaps related to funding of the program. Scammers, however, have been in full force since COVID-19 first hit the news. Businesses and consumers both have found themselves in the crosshairs of scammers looking to make a quick dollar.

Recently, I wrote two articles on how to avoid Covid19 scams; check out the first article and don’t miss the part 2 update. But following the recent approval of more funding for the PPP program, scammers are again targeting businesses with false information, impersonating the SBA, and in some cases, asking businesses to pay for information on the PPP program.

The FTC released some Do’s and Don’ts that are summarized below.

Dos and Don’ts to avoid PPP scams

DO

DON’T:

  • Pay in advance for information– all of the information is freely available at sba.gov/coronavirus
  • Pay in advance for a government loan – you do not have to pay up front to get an SBA loan
  • Respond with sensitive information to unsolicited calls, texts, or emails
    • The SBA will not call unsolicited to find out information about you or your business. If you receive an unexpected communication that you think is a scam, discard it.
  • Click on links, or reply to emails/texts from someone you don’t know – this is one of the most effective ways criminals target your business

Wilson Bank and Trust is here for you. Should you need help, please do not hesitate to reach out to us online at wilsonbank.com, our mobile app, or call us at (844) WBT-BANK (844-928-2265).

Have another thought, tip or suggestion? Leave it in the comments below. I would love to hear from you!

Posted by Elvis Huff

Elvis Huff worked as an officer and network administrator for 12 years with the Lebanon Police Department and has also served as an adjunct professor in information systems at Cumberland University. Read More »

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