FTC stops fake SBA lender

The Federal Trade Commission has charged a Rhode Island-based company and its owner with falsely claiming to be an approved lender for a federal coronavirus relief lending program and asked a federal court to immediately halt their misrepresentations. The Commission filed a complaint alleging that Ponte Investments, LLC, also doing business as SBA Loan Program and SBA Loan Program.com, and its owner John C. Ponte, have been falsely claiming an affiliation with the U.S. Small Business Administration and marketing themselves to small businesses as an approved lender under SBA’s Paycheck Protection Program. According to the FTC, the defendants are neither affiliated with the SBA in any way, nor are they SBA-authorized lenders.