"I was never asked me once. Forged my signature, got the money, used the money. I knew nothing about it until a few weeks ago. I now owe $300,000 to the government and my father just started paying maybe $500 a month towards a $300,000 loan."

This is the harrowing account of one business owner who found out that their father and co-owner had taken out a $300,000 SBA loan in their name without their knowledge or consent.

The loan was taken out during the pandemic when the business was struggling, and the father saw it as a way to keep the business afloat.

However, the son had no idea about the loan until they received notice that they were responsible for the full amount.

The father had only started paying a small monthly payment of $500 towards the loan, leaving the son with a daunting financial burden.

Another commenter mentioned:

"You're on the hook for the loan even if your father doesn't die. The likelihood of him continuing to make payments on a loan that he fraudulently took out in your name is very low."

He also suggests that the son should consult a local lawyer and immediately report the forgery and identity theft to law enforcement and the government.

The commentator warns that if you don't take action and report this right away, it may be difficult for you to argue later that the loan was fraudulently obtained if your father stops paying or passes away. They advise treating this as an identity theft crime from the beginning if you want relief from the debt.



Finally, the commentator asks if you know what your father used the money for, and suggests that he may be able to sell whatever he bought with it to help pay back the loan.