ALERT FOR SMALL BUSINESS OWNERS NEEDING PPP LOANS

Law suit against Ponte Investments, LLC, promoted their “SBA Loan Program” and website “SBAloanprogram.com

PPP loan fraud

April 17, 2020 – Alert from FTC for small business owners needing PPP loans

This is an alert for small business owners who are looking to apply for the Paycheck Protection Program (“PPP”) loans offered by the U.S. Small Business Administration (“SBA”). The loans help alleviate the economic impact of the Coronavirus pandemic, but there are bad actors trying to get business owners to apply for the wrong program. Today, the FTC announced that it filed a case against a company that allegedly claimed to offer PPP loans — but, in reality, the company is not affiliated with the SBA and, the FTC says, it has been deceiving hundreds, if not thousands, of business owners.

According to the FTC, the defendants, Ponte Investments, LLC, promoted their “SBA Loan Program” and website “SBAloanprogram.com” by calling business owners and following up with emails that say things like “We are the SBALoanProgram.com and as mandated by the SBA, getting approved is easier than ever!” The callers claim to be representatives of the SBA working with the business’s bank and urge the business owners to apply for a PPP loan right away. 

If you’re a business owner, go to sba.gov/coronavirus to find information about PPP loans. Once at sba.gov/coronavirus, go to Click here to learn more about available SBA loan and debt relief options.

Sign up for emails from the FTC: Federal Trade Commission

PPP loans

MUSINGS FROM DIANE:

PPP loan fraudAs people and technology gets smarter, the scum of the earth (frauds) also get smarter.  They take advantage of anyone looking for help, a quick fix or just to be their advisor.  No one is immune.  Not the young.  Not the educated.  Not the professional.
The problem with chasing and stopping the frauds is they are slippery.  They don’t care if they go to jail.  They don’t care that they harm people and businesses.  They are quick to jump on any opportunity (like the rebates funds from the federal government).  They take advantage of their anonymity.
My point?  The best defense is a good offense.  Do not trust anyone, even those that your best friend referred.  Don’t assume that because they are “big companies” they will not mislead you (just look at all the Wells Fargo scams).  Do your own due diligence.  If it sounds too true, IT IS!!