The Wisconsin Bankers Association (WBA) is warning businesses to beware of scammers targeting applicants to the Small Business Administration Paycheck Protection Program (PPP), according to an announcement from the organization.
WBA states they are already seeing criminals taking applications from business borrowers and using that information for fraudulent purposes and advises business owners to work directly with their bank to avoid falling victim.
PPP is a loan designed to provide a direct incentive for businesses with fewer than 500 employees to keep their workers on the payroll during coronavirus-related closures or reductions in business hours.
