SBA cautions business on increase of lending SCAMS

SBA cautions business on increase of lending SCAMS

Reports of scammers are on the rise with respect to the PPP and EIDL programs. You are encouraged to report fraud directly via the information below.

A couple of things that we’ve seen directly:

Emails impersonating SBA to a borrower regarding PPP loan applications. SBA DOES NOT communicate with borrowers regarding specific PPP loan applications. All PPP loan correspondence should be between the lender and the borrower.
Emails impersonating SBA asking for borrowers to complete and sign attached documents to “complete” their disaster “Grant Application.” SBA does not process grants. All EIDL loan processing now occurs through the EIDL portal, and legitimate loan approval emails clearly reference the original confirmation #. If additional documentation is required (95% of loans do not require more documentation), it is electronically handled in the portal. EIDL Advances process with NO action required on the part of the applicant.
These phishing emails are sophisticated, with SBA logos and styling consistent with legitimate SBA communications. If in doubt, the borrower may contact our office.

Report Fraud

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.