Paycheck Protection Program: Beware Scammers Claiming Easy Access to Money
On the heels of the U.S. Treasury’s guidance on the Small Business Administration Paycheck Protection Program (PPP), the Wisconsin Bankers Association is warning businesses to beware of scammers targeting applicants to the program.
“We already see criminals taking applications from business borrowers and using that information for fraudulent purposes,” said Rose Oswald Poels, WBA president and CEO. “Business owners should work directly with their bank to avoid falling victim to online businesses claiming to give them PPP loans now.”
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll during coronavirus-caused closures or reductions in business hours. It is meant for any small business with less than 500 employees affected by COVID-19.
Access to a PPP loan is available by applying through federally insured financial institutions.
The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing nearly 235 commercial banks and savings institutions, their nearly 2,300 branch offices and 21,000 employees.