Fraud Alert: Protect Your Business from PPP Loan Scams

Jul 9, 2025 | 2 Minute Read

At Elkhorn Valley Bank, protecting our customers is our top priority. We want to ensure local businesses stay informed about reported scams currently targeting recipients of Paycheck Protection Program (PPP) loans. Several Nebraska business groups, including the Nebraska Bankers Association and local chambers of commerce, have issued warnings about fraudsters impersonating bank employees or law enforcement officers to steal sensitive information and funds from PPP borrowers.

How These Scams Work

Scammers are using borrower information that was made public by the Small Business Administration in 2020. This information includes business names, addresses, loan amounts, funding dates, number of employees, and the names of the financial institutions that issued the loans. With these details, criminals attempt to trick PPP loan recipients in a few ways:

  • Pretending to be bank employees calling about suspicious account activity. They may send fake links to reset your online banking credentials and ask for a one-time passcode, giving them access to your account.

  • Claiming to be law enforcement officers and saying there is an arrest warrant for failing to appear in court for a fraudulent PPP loan. Victims are pressured to pay a fake cash bond to resolve the issue.

Common Fraud Tactics

  • Spoofed phone numbers: Caller ID may display the bank’s name or law enforcement to make the call appear legitimate.

  • Credential theft: Scammers pressure victims to share usernames, passwords, or passcodes.

  • Unauthorized access: With stolen credentials, they can reset passwords and bypass security settings.

  • Rapid fund transfers: Criminals quickly move money out of accounts before victims or banks can stop it.

How to Protect Yourself

Elkhorn Valley Bank will never call and ask you to share your password, PIN, or one-time passcode. If you receive a suspicious call:

  • Hang up and call us directly at 402.371.0722.

  • Verify any law enforcement claims by contacting your local police or sheriff’s department.

  • Never share sensitive login information with anyone who calls, texts, or emails you unexpectedly.

  • Be cautious of threats or urgent requests. Scammers often create a sense of urgency to act immediately.

If you think you may have been targeted by a scam, please call your local Elkhorn Valley Bank branch as soon as possible. We are here to help you protect your business and your accounts. Thank you for trusting Elkhorn Valley Bank.