Identity theft is an ongoing battle and occurred in the EIDL program according to the Small Business Administration (SBA).
- Stolen identities and identification numbers were used to obtain EIDL funds illegally.
- We are not aware of similar reports about the Paycheck Protection Program (PPP), but the forgiveness review process by banks and the SBA is discovering various types of PPP fraud.
We recommend that you periodically check the EIDL and PPP lists of grantees and borrowers published by the SBA to verify that your company and your name are not incorrectly included on the lists. The PPP list includes only the names of borrowers for loans of $150,000 or more.
- EIDL: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans
- PPP: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
If you find your name or company incorrectly listed as a borrower or grantee or are contacted by your bank or the SBA about forgiveness of a loan you did not receive: