There is a massive Paycheck Protection Program Loan breach and all our data are now public. So for If you received a PPP loan then your business, the amount that you received, and perhaps even your address is online for everyone to see
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00:00 – Massive PPP loan data breach
01:15 – What happed with PPP loan data?
03:47 – Kanye West PPP loan information – where to find
07:53 – How the PPP data leaked?
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There are multiple websites with PPP applicant’s data, that have the names of businesses, the amount of money they received for PPP loans, and even their business address posted for everyone to see. The big push to get this information put online actually happened when the program first started. There were major corporations applying for PPP loans and getting millions of dollars
There is one more problem you can face. Imagine that you work from one place (commercial business center or home) and imagine someone used your address to file a PPP loan. I’ve heard of reports of people filing multiple PPP loans and they have to put down their social security number and their business address. So, imagine typing in an address here and find and you’ve got your PPP Loan.
Bank of America Corp. (NYSE: BAC) has revealed a possible data breach on business clients’ information for the Paycheck Protection Program. BofA said it has processed more than 305,000 PPP loans exceeding $25 billion. It was the first large lender to launch its online PPP portal.
The breach occurred on April 22, as BofA uploaded PPP applications onto the U.S. Small Business Administration’s test platform, according to a filing with the California Attorney General’s Office. The limited-access platform allowed lenders to test PPP submissions before the second round began.
Compromised information could include business details, such as an address or tax identification number, or a business owner’s information, such as name, address, Social Security number, phone number, email, and citizenship status. This data could be used for PPP loan fraud or PPP loan fraud investigations or even PPP loan fraud arrests. Applicants were part of a nationwide pool, with customers in multiple states likely affected. BofA did not specify which states. A spokesperson described it as a “small number” of clients. The bank said the data breach did not affect the applications’ submission to the SBA or PPP loan forgiveness process. It seems like first draw PPP applicants and second draw PPP applicants could be screwed and get loan fraud charges.
BofA said it also conducted internal investigations.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partner websites. The video is accurate as of the posting date but may not be accurate in the future.
#PPP #PPPLoan #Fraud