As a protective measure, we want to make you aware of reports from the Small Business Administration (SBA) of potential fraud related to their current economic stimulus programs, provide protection tips and offer ways to report suspicious activity.
What fraudulent activity is occurring?
The SBA is currently experiencing a high level of lending activity as a result of EIDL loans, disaster-related grants and Paycheck Protection Program loans given during the pandemic. The increased lending activity has resulted in an uptick in reported fraud attempts. Fraudsters are stealing financial information from individuals and businesses to apply for a disaster loan and/or infiltrate bank accounts.
How can I make sure my business is protected?
It’s important to be vigilant during this time. Here are some red flags that may signal fraudulent activity:
What if I believe I’ve been a victim of fraudulent activity?
If you believe an EIDL loan was fraudulently opened in your business’s name, call the SBA Office of the Inspector General’s hotline at 800-767-0385 or visit their website.
If you suspect fraudulent activity related to your First Horizon EIDL, PPP Loan or other service, contact our Customer Service at 800-382-5465.
We’re closely monitoring this situation and will send additional communication if necessary. Thank you for being a client and working with us to protect you and your business from fraud.