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Business owners: Beware of coronavirus loan relief fraud

April 1, 2020 | Small business
Business loans, business loan, capital, working capital, business capital, CDC Small Business Finance, fraud

As a small business owner, we know you need relief and you want it fast. We urge you to be diligent when getting an emergency loan. It’s critical to know how to not fall victim to scams and fraud.

“Fraudsters have already begun targeting small business owners during these economically difficult times,” according to the SBA, which warned owners in particular of grant and loan fraud and phishing schemes.

One very important alarm bell: The SBA will NOT initiate contact with you on 7a loans or disaster relief loans or grants.

“If you are proactively contacted by someone claiming to be from the SBA, suspect fraud,” agency officials said.

The SBA shared other tips to help small business owners protect themselves against potential fraud schemes, particularly related to grants, loans and online phishing.

SBA ALERT: Scams and Fraud Schemes








The SBA Office of the Inspector General also has a hotline for reports of suspected fraud. Call 800-767-0385 or file a report online


See more on the SBA Programs – Scams and Fraud Alerts page. Check back to stay informed if the SBA issues any new guidance.

For questions about getting an SBA disaster loan, call 800-659-2955 or email  disastercustomerservice@sba.gov. In addition, the SBA has an Answer Desk at 800-827-5722 or answerdesk@sba.gov

Need more information about the Coronavirus Aid, Relief and Economic Security (CARES) Act? Check out the Small Business Owner’s Guide to the CARES Act.


We are closely monitoring best practices and resources to help you manage your business and will frequently share new information. Here are the ways to get the latest details: 


In case you missed it:

CDC Small Business Finance offers several loan options for entrepreneurs and business owners. Contact our loan experts and they’ll work to match you with a financing plan that best suits your needs. Reach us at loaninfo@cdcloans.com or (619) 243-8667.

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