COVID-19 scam alert for small business owners

HOUSTON – The Federal Trade Commission is warning small business owners about the latest COVID-19 scam. With a new round of Payroll Protection Program loans now available, scammers are impersonating Small Business Administration employees, calling owners to trick them into giving up information.

Signs of a scam:

  • You get a phone call from the SBA or a lender. The FTC says real lenders will never call you and solicit you for a loan you haven’t even applied for.
  • Callers ask for your date of birth and social security number. The feds say these are likely phishing attempts from criminals who could illegally apply for loans using your information.

What you should do

If you get one of these calls, hang up and check your credit report. You should also never fill out loan applications online from lenders you don’t know to be legitimate.

About the Author:

Passionate consumer advocate, mom of 3, addicted to coffee, hairspray and pastries.