Business ProfileforNYMBUS, Inc.

This business has received a FTC Warning Letter:

June 22, 2020

Via Electronic Mail

Scott Killoh, CEO
NYMBUS, Inc.
1688 Meridian Avenue, Suite 700
Miami Beach, FL 33139
smartlenders@nymbus.com

Re: Misleading Small Businesses About Emergency Assistance in the Coronavirus Aid, Relief, and Economic Security Act

Dear Mr. Killoh,
This letter is to advise you that your website, NYMBUS.com, may be unlawfully
misleading small business consumers about federal loans or other temporary small business relief
in violation of the Federal Trade Commission ("FTC Act"). 15 U.S.C. § 45.

The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") is intended to provide emergency relief to individuals, families, and businesses under severe financial strain amid the novel coronavirus outbreak (COVID-19). The Act offers vital assistance to small businesses struggling to keep their workforces employed, by creating a new Section 7(a) loan program: the Paycheck Protection Program ("PPP"). Small businesses may apply for PPP loans through U.S. Small Business Administration ("SBA")-authorized lenders or other lenders SBA has determined to be eligible.

FTC staff has reviewed your advertising and marketing at your website NYMBUS.com
and on affiliated social media accounts, including @NymbusCore, as recently as June 16, 2020.
These materials have included the following claims:

That "The fastest way to your loan is here" for "The SBA Paycheck Protection
Program," and that consumers can click to "Apply Now"; and

"The NYMBUS SmartLenders Program is able to process your SBA Paycheck
Protection Loan faster than any other source."

These and other claims suggest, among other things, that consumers can get PPP or other
SBA loans by applying on your site, and include speed or efficiency claims about your PPPrelated services. To the extent that any of these claims are not truthful, omit material information
needed to prevent the claims from misleading consumers, or are not substantiated, they would violate Section 5 of the FTC Act, 15 U.S.C. § 45, which prohibits "unfair or deceptive acts or
practices in or affecting commerce." Under Section 5, it is unlawful to make representations that
are likely to deceive consumers, including small businesses. This includes express or implied
representations, whether made directly or indirectly.

You should take immediate action, including by reviewing and monitoring all your marketing in any form (including websites, social media, emails, telemarketing, and text messages), to ensure all deceptive claims are removed. You also should act immediately to remediate any harm to small business consumers stemming from such claims. This letter is not meant to contain an exhaustive list of possible violations related to your products or operations.

Please notify us within 48 hours of the support you have for the types of claims described above and specific actions you have taken to address the FTC's concerns by emailing COVID19ResponseDFP@ftc.gov. FTC investigators have copied and preserved your website and marketing materials and will continue monitoring your representations to evaluate whether further action is appropriate in connection with your activity. If you have any questions regarding compliance with the FTC Act, please contact us at COVID19ResponseDFP@ftc.gov

Sincerely,
Malini Mithal
Associate Director, Division of Financial Practices
Federal Trade Commission

Eric S. Benderson
Associate General Counsel for Litigation
U.S. Small Business Administration

Contact Information
CONTACT FOR CONSUMERS:
Consumer Response Center
877-382-4357

Link:https://www.ftc.gov/system/files/warning-letters/sba-covid-19-letter-nymbus_inc.pdf?utm_source=govdelivery