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Complete Story
06/25/2020
FTC, SBA warn companies about SBA loan promises
FTC
The latest recipients of government warning letters are six companies that said they could speed U.S. Small Business Administration (SBA) loans for businesses struggling to stay afloat during the COVID-19 pandemic. The letters – from the FTC and the SBA – direct the companies to remove all false claims from their websites immediately.
According to the FTC and SBA, the letter recipients may be misleading consumers that they are affiliated with the SBA or about their role in helping businesses get SBA Paycheck Protection Program (PPP) loans. As a result, small businesses that applied for the loans through the listed websites may be left empty-handed.
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