Avoid SBA Loan Solicitations - Be Careful!

According to the U.S. Treasury, small businesses can apply for Paycheck Protection Program (PPP) loans through existing SBA lenders starting April 3, 2020. For more information you can go to:

https://www.coronavirus.gov/smallbusiness/

One of our partners just received an SBA loan solicitation from a *broker*.

Soon, many of you may receive offers like this for assistance whether it be for CARES/PPP or standard 7A loans. In the fine print, you will find that these brokers will charge you a flat fee and a % of the loan amount.

I participated with a large group of business owners webinar on these loans yesterday and I just wanted to reach out to you with a warning. You will NOT need such a broker or paid intermediary for any PPP loan as you work directly with your SBA lender, which is already set up for these loans.

As a fellow business owner and partner with you in your technology, I want to make everyone aware of these types of solicitations and to avoid them.

Regards,

Don Wyatt
STS Complete

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STS Complete P.O. Box 515 200 North Liberty Street Glasgow, KY 42141