What to do if you’re billed for an SBA EIDL loan you don’t owe
Did you get a bill for a Small Business Administration (SBA) loan, but you didn’t apply for one? It’s likely that an identity thief applied for the loan using your personal or business information. The SBA has new guidance about reporting the fraud, and the FTC has tips to help you clear up any credit problems it may cause.
The SBA’s Office of Disaster Assistance has been issuing the loans under its COVID-19 Economic Injury Disaster Loan (EIDL) program. They’re designed to give financial help to small businesses and non-profit organizations. Criminals have taken advantage of the program by using stolen information to get loans in someone else’s name, or in the name of that person’s company. And now, the bills are landing in the mailboxes of people and businesses that never applied.