Active Scams Targeting SMBs Seeking SBA COVID-19 Loans
Published: April 16, 2020 on our newsletter Security Fraud News & Alerts Newsletter.
Shutting down the country due to the Coronavirus (COVID-19) has destroyed the US economy. With tens of thousands of companies close to bankruptcy, the US government has rolled out a series of relief packages. One of which is designed to help small businesses survive the crush through low interest loans that have a portion that may be ultimately forgiven. Community Banks and Credit Unions are now processing more SBA loans at one time than many of them have processed in the past five years combined. This glut of activity is lending itself perfectly to scammers.
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