On December 1, the Small Business Administration (SBA) publicly released information about all Paycheck Protection Program (PPP) borrowers, including the name and address of each borrower, the exact amount of each borrower’s PPP loan, and the name of each borrower’s lender (among other data points).
The disclosure was made as a result of a federal court order to release the data in the public interest.
Public disclosure of this information will result in more scrutiny of PPP borrowers by the media and the general public. It will also likely result in numerous contacts by solicitors and fraudsters armed with specific information about borrowers and their loan amounts.
All PPP borrowers should remain on guard for the possibility of unscrupulous parties, many of them masquerading as legitimate companies or entities, contacting them by email or otherwise for nefarious purposes. Some fraudsters may attempt to create the false impression that they represent the borrower’s lender or the SBA itself.
This information originally appeared in the Batts Morrison Wales & Lee Special Alert e-newsletter. Used with permission.