During one of the toughest economic times in recent history, the Small Business Administration’s Paycheck Protection Program brought relief to thousands of U.S. businesses. And, as of this month, it’s now public knowledge who the loan recipients are.
In November 2020, a federal judge ordered the SBA to release detailed data for all PPP loan recipients. This information—which includes each borrower’s name, address, and loan amount—was made public on December 1. It’s important to note that the information was released by the SBA, not Scott Credit Union or any other financial institution. PPP loan data can be downloaded from the U.S. Department of the Treasury’s website.
An unfortunate consequence of data releases is that scammers could use the information to target those listed. We encourage all PPP borrowers to carefully examine any communication they receive about their loan to verify it is coming from a legitimate source. Loan recipients should also monitor their accounts and credit reports to ensure that their information hasn’t been used for fraudulent activity.
If you suspect you are the victim of a scam, please contact Scott Credit Union as soon as possible. Our fraud management team is here to help you.