We were alerted by another FI, that we had originated a PPP loan last year that may be related to fraud. The individual submitted multiple PPP applications under the same business address in our state, different entity names. The business owner is located in another state. There is no business address - we were provided with a UPS store drop box address. (Just learned of that today unfortunately). The business owner came back to us this time around and applied for the next round of PPP. He indicated on his previous application that he did not own more than 20% of another entity, which we believe is false, based on the information shared with us. We wish to deny the loan. Is using "Unable to Verify Identification Documents" a sufficient reason for denial? Or, suggestions for what should be used?

Sounds good to me - what is the fraudster going to do? Come back and sue you? Make sure you follow up appropriately with the SBA authorities on the suspected fraud.

Thank you!