Beware of Scams Related to Economic Stimulus Programs

Business Management
Published
The U.S. Small Business Administration's (SBA's) Office of Inspector General is warning small businesses about potential fraud schemes related to economic stimulus programs offered by the SBA in response to COVID-19. Fraudsters have already begun targeting small business owners according to the Inspector General. 
 

NAHB also has learned that a member was a recent victim of SBA loan fraud. The member received a letter in the mail from the SBA about a loan for which he did not apply. Law enforcement was immediately notified, and the case is under investigation.

The Office of Inspector General released the following tips to be on the lookout for loan fraud and phishing:

Loans

  • If you are contacted by someone promising to get approval of an SBA loan, but it requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
Phishing
  • If you are in the process of applying for an SBA loan and receive email correspondence asking for personally identifiable information (PII), ensure that the referenced application number is consistent with the actual application number.
  • Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your PII, to obtain personal banking access, or to install ransomware/malware on your computer.
  • Any email communication from SBA will come from accounts ending with sba.gov.
  • The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at sba.gov.
If you suspect any fraud, please report it to the Office of the Inspector General here. For more information visit sba.gov.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Labor

May 07, 2025

Labor Department Issues New Guidance on Independent Contractor Classification

The Department of Labor’s Wage and Hour Division recently issued guidance on its independent contractor misclassification enforcement. The guidance comes as the 2024 Independent Contractor Rule is facing multiple challenges in federal court, and after the agency has indicated that it is considering rescinding the rule.

House Prices

May 07, 2025

Price Gap Between New and Existing Homes Remains Narrow in 2025

As home buyers navigate high interest rates and rising living costs, many are surprised to discover a narrow price gap between new and existing homes. In fact, during the first quarter of 2025, the median sales price of a new home was just $14,600 more than that of an existing one.

View all

Latest Economic News

Economics

May 06, 2025

Mortgage Activity Levels Off in April as Rates Increase

Mortgage loan applications saw little change in April, as refinancing activity decreased. The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, experienced a 0.4% month-over month increase on a seasonally adjusted (SA) basis. However, year-over-year, the index is up 29.3% compared to April 2024.

Economics

May 06, 2025

Prices for New Homes Continue to Drop as Existing Rises

The median price for a new single-family home sold in the first quarter of 2025 was $416,900, a mere $14,600 above the existing home sale price of $402,300, according to U.S. Census Bureau and National Association of Realtors data (not seasonally adjusted – NSA).

Economics

May 05, 2025

Student Housing Construction Investment Rises in the First Quarter of 2025

Private fixed investment in student dormitories increased by 2.3% in the first quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $4.04 billion. This gain followed a 1.0% increase in the previous quarter. However, private fixed investment in dorms was 2% lower than a year ago, as elevated interest rates place a damper on student housing construction.