Beware of Fraud After PPP Data Publication

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SECURITY THREAT

Beware of Fraud After PPP Data Publication

The SBA has released a complete and detailed list of all Paycheck Protection Program (PPP) loans and borrowers. Because these loans will ultimately be funded by the federal government, all information related to them is public record. When they were sued by journalists and others to release it, the SBA fought in court to protect it. They lost and were ordered to release the data.

For most, the impact of this release should be minimal. Still, everyone who took a PPP loan should be on the lookout for fraud and unwanted solicitations.

The SBA already did one public release of PPP data earlier this year. That one, however, didn’t include individual details for anyone who took a loan under $150,000. This new release includes names and amounts for every PPP loan and economic injury disaster loan (EIDL). That level of detail gives scammers all the information they need to create a very convincing phishing email or make an official sounding phone call asking for your financial information.

We’re not telling you this to worry you. We just feel like you deserve to know when your information is made public and want you to be extra aware of the potential for fraud.

Here’s what’s important now:

    • We have already seen several who claim you need their services because Pinnacle is not allowed to help you with the forgiveness application. This is not true.  
    • While more complex loans may benefit from the services of your CPA or even attorney, your Pinnacle financial advisor can help with many aspects of the application. 
    • Our forgiveness application process is on our website, and you can see how to complete it at PNFP.com/PPPForgiveness
    • If you receive a 3509 or 3510 loan necessity questionnaire, you are best served by consulting with your CPA and/or attorney for questions and guidance.

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