FTC and SBA warn ITMedia, Lendio to stop possible misleading coronavirus relief marketing

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On the other hand, the FTC and the SBA stated that Lendio and its lead generators including IT Media made claims noted above. The consumer protection watchdog also pointed out that another Lendio lead generator claimed that it was an authorized SBA loan packager for PPP and it is advertising that its service fee is $495.

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The SBA prohibits lead generators and other agents from charging gees to PPP loan applicants.

The FTC and the SBA told ITMedia and Lendio to take immediate action to remove all deceptive claims regarding the coronavirus relief and to remediate all harm to small business consumers due to their claims.

Additionally, the FTC and the SBA directed both companies to report within 48 hours the specific actions implemented to address the agencies’ concerns.