Published On: June 28, 2020
ALERT FOR SMALL BUSINESS OWNERS NEEDING PPP LOANS
Law suit against Ponte Investments, LLC, promoted their “SBA Loan Program” and website “SBAloanprogram.com
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.
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MUSINGS FROM DIANE:
As 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.About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
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