Loans and Mortgages

Delays in processing loans needed by small businesses in an emergency — like the pandemic — can leave them struggling to stay open. And deceiving consumers about these delays violates the law. The FTC says that's what happened when small businesses applied for emergency Paycheck Protection Program loans from Biz2Credit Inc.

When it comes to small business loans, time is money. That was especially true early in the pandemic: when many small businesses were struggling to stay open, and Paycheck Protection Program (PPP) funds were limited. So, when Womply advertised that small businesses, including gig workers and one-person small businesses, could get fast PPP funding if they applied through the company, millions of applications came pouring in. The problem, says the FTC, is that Womply didn’t live up to its promises. And that hurt millions of small businesses.

Scammers call or email, pretending to be from the VA or your home loan servicer. They claim if you pay them an upfront fee, they can get you a loan modification or refinancing to avoid foreclosure, so you can keep your home. But that’s illegal. Do you know your rights when it comes to getting relief for your mortgage debt?