SBA warns of fraud
Attempts made to obtain bank account information from small businesses
Washington, D.C. -- The U.S. Small Business Administration (SBA) issued a scam alert to small businesses, warning them not to respond to letters falsely claiming to have been sent by the SBA asking for bank account information in order to qualify them for federal tax rebates.
The fraudulent letters were sent out with what appears to be an SBA letterhead to small businesses across the country, advising recipients that they may be eligible for a tax rebate under the Economic Stimulus Act, and that SBA is assessing their eligibility for such a rebate. The letter asks the small business to provide the name of its bank and account number.
These letters have not been sent by or authorized by the SBA, and all small businesses are strongly advised not to respond to them.
The scheme is similar in many ways to e-mail scams often referred to as “phishing” that seek personal data and financial account information that enables another party to access an individual’s bank accounts or to engage in identity theft.
The SBA is working with the SBA Office of Inspector General to investigate this matter. The Office of Inspector General asks that anyone who receives such a letter report it to the OIG Fraud Line at 1 (800) 767-0385, or e-mail at OIGHotline@sba.gov.
WASHINGTON, D.C.—The U.S. Small Business Administration (SBA) has unveiled two new initiatives to increase lending opportunities for small business owners in inner cities and underserved communities.
Under the two initiatives, known as the Small Loan Advantage and the Community Advantage, community banks will be able to offer loans of up to $250,000. Those loans, which are part of the agency’s 7(a) program, come with the government guarantee of 75 percent guarantee while anything under $150,000 comes with the 85 percent guarantee.
The United States Small Business Administration (SBA) has released proposed new rules that will make it easier for small businesses owned by women to obtain federal contracts.
The new rules are part of President Barack Obama's plan to help small businesses owned by minorities, women and veterans to flourish and succeed.
The United States Small Business Administration (SBA) will host youthpreneur webinars in celebration of National Entrepreneurship Week today at 8 a.m. and noon.
The purpose of the workshops are to encourage youth to become the next generation of business owners. The webinars will teach the fundamentals of owning your own business as well as how to use social networking like Myspace, Facebook and Twitter to share and create business ideas.
Washington, D.C. -- Many local small businesses may soon be eligible for interest-free loans under a new program created by the American Recovery and Reinvestment Act (ARRA), Rep. Diane Watson announced. The “America’s Recovery Capital” (ARC) program allows small firms to take out loans of $35,000 to pay down existing business debts. Borrowers pay no interest on the ARC loans and repayment does not begin for one year. The loan program was established through the ARRA, which the President signed into law in February. Rep.
LOS ANGELES, Calif.—A producer who claims to have collaborated with Frank Ocean on his Grammy Award-winning debut album sued the singer, his creative partner and record label today in Los Angeles, alleging they cheated him out of performance and production credits.
