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Preventing Paycheck Protection Program Loan Scams

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The COVID-19 pandemic and subsequent shutdowns have meant perilous times for small businesses across the country, with many shutting down temporarily or even permanently. As part of the U.S. government’s efforts to forestall bankruptcies and layoffs, Congress allocated hundreds of billions of dollars for the Paycheck Protection Program (PPP). Small businesses can apply for loans from the U.S. Small Business Association (SBA), which the SBA will forgive if the receiving business meets certain criteria, like “if all of the company’s employees are kept on the payroll for eight weeks and the money from the loan is used to pay for rent, mortgage interest, utilities or payroll.”

The program has helped many businesses, but also left many stranded and desperate when they could not qualify for the loans. According to the Wall Street Journal, as of this week, the government has disbursed “4.6 million loans worth more than $513 billion.” But some businesses were forced to return the funds when they discovered they could not open soon enough to meet the eight-week deadline, and some did not even bother applying because they did not meet the criteria. The program has also faced criticism for not providing enough funds, and when larger and/or publicly traded companies (like restaurant chain Ruth’s Chris) received loans.

As with many other government programs that award payouts and may have confusing or labyrinthine application and approval processes (such as Social Security payments or tax refunds), scammers have targeted desperate businesses trying to access PPP funds. Online identity verification service Social Catfish recently published guidelines for avoiding PPP-related scams that small businesses are facing, including phishing and robocall scams.

As Risk Management recently reported, phishing scams—in which criminals use fraudulent emails to trick users into clicking malicious links or divulging sensitive personal information—have proliferated since the start of the COVID-19 pandemic, often specifically targeting pandemic-related concerns. According to Social Catfish, online scammers have been using emails posing as the SBA inviting the recipient to apply for a PPP loan, then installing malware or stealing any information provided. With this information, scammers can then pose as a business to apply for loans or steal funds.

Scammers may also try to contact businesses by phone, either in person or by robocall, asking for confidential information or demanding a fee for their PPP application, even promising faster processing after the payment. Similar to the IRS, the SBA does not call PPP applicants for information, and there are no fees associated with PPP applications. Businesses applying for PPP loans may also encounter fake companies claiming that they facilitate applications, which scammers then use to steal the confidential information victims provide.

 To avoid being scammed, Social Catfish recommended that businesses interested in applying for PPP loans do their due diligence by following the steps below:

  • Don’t pay for a PPP Loan application. The SBA doesn’t require payment to fill out and submit a PPP Loan application. If someone is charging you to fill out an application, chances are its a scam.
  • Don’t give your information in response to any suspicious email, text, or phone call. The SBA will not email you out of the blue to fill out a PPP Loan application. If someone is emailing you out of the blue to fill out an application and to give them your information, chances are they are trying to scam you.
  • Verify the lender before applying for the loan. Only lenders approved by the SBA can administer PPP Loans. To find out if the lender you are applying with is approved to distribute PPP Loans, click here.
  • Don’t click on links in emails. The links in the emails are often filled with viruses and malware that will infect your computer and steal your personal information. They also spoof the application so that you’ll have to give out your personal or business’ confidential information.
  • Don’t reply back to any text or email you don’t know. Replying back to them with your personal or company’s confidential information may lead to you getting scammed. The SBA will not email you encouraging you to apply for the loan, you would have to look for the loan yourself.

Using Captives to Insure Against Black Swan Events

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Until recently, a global pandemic was, in most people’s minds, little more than a compelling plot to blockbuster films and apocalyptic science-fiction stories. A disease drastically changing the way of life and business operations for people across the globe and inciting wide-spread fear, quarantines and stay-at-home regulations was unthinkable for most beyond the “prepper” community. Now, though, after weeks of lives overturned, hindsight is 20/20 (pun intended). Many business owners and executive teams now agree the threat was obvious. A black swan.

As popularized by finance professor and Wall Street trader Nassim Nicholas Taleb in relation to financial markets, the term “black swan” refers to a rare or low-probability event that deviates from what is normally expected but poses critical threat. The 2008 financial crisis, the 2001 Fukushima nuclear disaster, the 9/11 terrorist attack and the dot-com crash of 2000 are all considered black swan events. We can never know with specificity which particular black swan will come, but we can know with certainty that one eventually will. And, due to their severe consequences, we should therefore consider how to make sure our lives and businesses will be robust against them. 

Insurance for Black Swans

Third-party commercial insurance policies often include business interruption coverage. Business interruption insurance protects against losses sustained due to periods of suspended operation. With COVID-19, many businesses considered non-essential have been forced to close and numerous businesses that are still hanging on have experienced challenges to their revenue streams as a result of coronavirus restrictions. This is where this form of insurance comes into play. However, pandemics are not the only black swans that business interruption insurance would cover. It could also cover losses from unexpected events like natural disasters, cybersecurity attacks, terrorist attacks or fallout from climate change. Also, even if a business’s insurance policy does not cover pandemic disease through business interruption, it is possible that other policies might be triggered due to the chain reaction caused by the black swan, such as:

  • Supply Chain Interruption
  • Loss of Key Customer
  • Subcontractor Default
  • Property (e.g., loss of access to business premises due to quarantines)
  • Catastrophic Risks

However, third-party commercial insurance policies are not always enough. These policies are often riddled with exclusions that prevent coverage during the time it is most needed and can lead to a claim being denied. Commercial insurance for an asymmetrical threat like a black swan event can also be extremely costly or difficult to obtain. And in many cases, coverage is simply unavailable. For example, during the avian flu epidemic, many U.S. insurers added an exclusion to their policies, “Exclusion for Loss Due to Virus or Bacteria” (ISO form COP 01 40 07 06). Similarly, the insurance industry responded to SARS by adding exclusions to preclude coverage for losses triggered by business interruption.

Businesses need to review their insurance policies to identify gaps in coverage. Some may want to consider filling these gaps and strengthening their coverage by supplementing the third-party commercial insurance by pooling their risks in a captive insurance company.

Taking Black Swans Captive

A captive insurance company is a licensed insurance company that is usually owned by a related business or its owner. That company can then insure a wide variety of the related business’s risks—risks likely to be implicated in any black swan event such as supply chain interruption, loss of a key supplier or customer, subcontractor default, bankruptcy of certain counterparties, or losses from governmental actions like forced business suspension or quarantines.

Via reinsurance arrangements, the captive insurance company can then pool its risks with the risks of many unrelated business, usually including those in completely different industries. Some of those businesses and industries will no doubt be the beneficiaries of most any given black swan event.  

For example, some physician practices that specialize in elective surgeries have seen their revenues cut by half overnight due to states prohibiting such procedures in order to preserve medical equipment for use by those fighting COVID-19 on the front lines. But other medical practices have seen their revenues skyrocket as COVID-19 has spiked demand for their services. By risk pooling via a captive insurance company, the claims of those practices that are suffering will therefore be paid in part by those that are prospering. This loss-sharing will allow the former to stay in business and continue covering their costs (such as rent and salaries), thereby making the entire economy more robust. And next time around, the proverbial shoes may just be on the other feet. In some cases captive insurance companies may also receive very favorable tax treatment that also provides additional liquidity during times of crisis. 

Preparing for the Next Black Swan Event

The coronavirus has heightened awareness of the need for both risk management and strategic planning to prevent future crises from negatively impacting company financials and viability. Sadly, not all businesses will remain healthy and viable through this pandemic, and it is too late for those impacted by the coronavirus to insure those particular losses. But business owners and executives can take immediate steps now to prepare for the next black swan, whatever it may be and whenever it may come. 

Converting a Conference to 100% Virtual in One Week

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Conference organizers have been among the hardest hit by COVID-19. When your entire business is predicated on bringing people together, pivoting is not easy.

On March 12, 2020, the InsurTech NY team saw a dark future ahead. Officials had confirmed 500 people in the United States tested positive for the coronavirus, President Donald Trump had just announced restrictions on flights to and from Europe, and we were one week away from hosting the 2020 InsurTech NY Spring Conference, our annual New York City-based in-person event. We had planned to host seven panels, 20 startup competition pitches, and four TED-style talks, totaling more than 60 speakers. As part of the competition, more than 20 judges had to vote on winners in near real-time. We also promised to provide networking opportunities with one-on-one meetings for all attendees.

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For the health and safety of our guests we knew we could not continue this event in-person. Fortunately, we had experience running webinars and virtual communities and activated a preparedness plan that we created when coronavirus was still mainly in China.

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However, we knew pivoting to an all-virtual event would be a monumental challenge.

Immediately we went into action. Within 12 hours, we called every speaker and sponsor about the new format. All speakers stuck with us. We went on to draft communication to notify all attendees. We also created a full web page detailing our experience. For others who may need to shift their in-person events to virtual ones, here’s a brief roadmap with key steps that we took and may help you too:

Convert existing staff to new virtual roles. Current staff and volunteers need to be immediately converted and trained on new virtual roles. To be effective, you need people dedicated to wearing new hats and carrying out last-minute responsibilities. This may include working during after hours and weekends. Some of these roles were already defined, but others needed to be redefined. They include:

  • Speaker liaisons: Assign at least two people to ensure speakers join their sessions on time and their A/V works.
  • Stage manager: This person keeps track of time and communicates verbally to speakers to cue them.
  • Presentation controller: A dedicated person to share and run the slides for presentations.
  • Master of ceremonies (MC): A dedicated host to introduce speakers and lead transitions.
  • Help desk: At least two people with technical expertise to respond to any tech or access issues.

Over-communicate to everyone. Send “how-to” information constantly, specifically about accessing the conference itself. If possible, use multiple channels, including text and social. Even then, you may have some people who have difficulty accessing the sessions.

Organize dry runs of the entire event with your staff. This process will help you identify issues you may not have considered. Fix the issues and do another dry run. We only had time for one dry run, but could have benefitted substantially from a second.

Revamp the event to make it more entertaining.

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Attendees have other options during a virtual conference, so it is particularly essential to keep them engaged and entertained throughout the day. Some tips include:

  • Run polls and questions between sessions
  • Keep each session short and sweet
  • Create content during the breaks so they don’t “turn the dial.” We hired a professional comedian, but you can be creative on how to fill the time.

In retrospect, the event was successful for four reasons: (1) intense planning and preparation during the seven-day transition, (2) support from our speakers and sponsors to stay with us in the transition, (3) effective communication internally and externally to all stakeholders, and (4) a great team and set of volunteers that worked tirelessly to make it happen. A full guide is available with more details about how to make the transition at InsurTech NY.

Spotting Coronavirus-Related Phishing Emails

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Amid widespread public concern and constantly evolving news about the COVID-19 pandemic, cybercriminals are finding new fodder for phishing campaigns. With the eagerness for new information about the coronavirus outbreak, distraction during disruption, and the disorienting shift to remote work for many, employees may be particularly susceptible to falling for these schemes right now.

Some of these phishing emails play off companies having employees work from home to launch credential-stealing attacks. Such phishing campaigns may impersonate IT teams or may direct recipients to fake login pages to access work networks or accounts remotely. See the screenshot at right for an example. Email security firm Mimecast’s Threat Intel team reported seeing over 300 examples of such a campaign using a fake OneDrive login.

“We see that threat actors are keeping up with the daily developments concerning the coronavirus,” said Mimecast’s Threat Intel team. “As the pandemic continues to spread and more and more people are made to work from home, we are seeing more phishing emails that are trying to trick users into giving their credentials through a faked login page. Threat actors are actively utilizing this pandemic to attempt to compromise individual’s accounts and organization’s networks. The potential for human error will inevitably increase in the coming weeks and we expect to see more of these phishing attempts in the coming days and weeks.”

Other phishing scams purport to be new updates from government authorities or public health organizations, directing recipients to click malicious links for updates on the spread of the COVID-19 pandemic, new containment measures ordered by governments, or local advisories. Last month, the World Health Organization warned that some criminals were spoofing WHO officials to send fraudulent emails, and Kaspersky Labs reportedly found emails spoofing the CDC asking for Bitcoin donations to help fund a coronavirus vaccine. Some other phishing emails include malicious attachments purporting to be tips for protecting yourself from the coronavirus or maps of the outbreak, for example, but actually contain malware.

“We are living in a heightened time of cyberrisk,” said David Simpson, Virginia Tech professor and former chief of the Federal Communications Commission’s Public Safety and Homeland Security Bureau. “Cybercriminals will take advantage of public fear and due diligence health measures to generate coronavirus-themed phishing attacks. We should be aware of unsolicited COVID-19 emails with specious links or attachments.”

To help employees detect these scams, check out the following infographic from Cofense’s Phishing Defense Center for tips on spotting coronavirus-related phishing emails: