U.S. banks say suspected business-loan fraud rose sharply last month

The statistical data does not show what is causing the spike in reports. Neither FinCEN nor the Small Business Administration’s inspector general said they could comment on a potential link.

But the reports coincide with a wave of applications for the SBA’s Economic Injury Disaster Loan program, which has distributed more than $200 billion and which the agency’s inspector general, Hannibal Ware, warned in July is plagued by “pervasive fraudulent activity.” They also coincide with the last days of another SBA program, the $525 billion Paycheck Protection Program, which concluded on Aug. 8.

The Project on Government Oversight, a Washington-based nonprofit, published an article earlier this month noting the spike in business-loan fraud reports through July and their potential connection to SBA programs.

Target shifts hiring to contactless services

Target said on Thursday it would double its staff for contactless services and hire more seasonal employees for distribution centers this

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