Be Aware of New Solicitations-PPP Loan Program Recipients

If your business received a Paycheck Protection Program (PPP) Loan in the amount of $150,000.00 or more you may get solicitations from companies offering services to help complete the PPP Loan Forgiveness documentation or with the required calculations. These solicitations may even make claims that the lending institution is unwilling or unable to help with PPP Loan Forgiveness, which in most cases is not true.

In August, the U.S. Small Business Administration published a list of all of the companies that received loans valued at $150,000.00 or more. The list includes the name and mailing address of each company and the financial institution that made the loan. Companies may use this list to drum up business from PPP loan participants. Fraudsters may also try to use this list to lure unsuspecting companies into fraudulent schemes.

If you are tempted to use an offer, first, talk to your lender to find out if they can help with the PPP Forgiveness process. Always take extra precautions when you are looking to purchase services from a new company, especially when large amounts of sensitive information will be shared and if the company is unfamiliar and is located far away. Remember, offers that are “too good to be true” are typically not true.