BLUE ACORN PPP LOAN REVIEWS PLUS

BLUE ACORN PPP LOAN REVIEWS PLUS

Arizona’s Family reached out to BlueAcorn and Capital Plus and have not heard back. “A lot of fintechs, but not all, really exercised insufficient due diligence in vetting loan applicants, and as a result, are disproportionately represented in the loans that have been deemed fraudulent or potentially fraudulent.The report said Reis and Hockridge moved to Puerto Rico after getting many of their PPP loans forgiven. “The involvement of fintech lenders in the paycheck was definitely a double-edged sword,” said Nick Schwellenbach, a senior investigator at the Project On Government Oversight, a watchdog group. And in their haste to come online, the companies may not have been as diligent in scrutinizing PPP applications, experts later discovered. But some fintech start-ups had few, if any, preexisting relationships with needy businesses. The firms were seen as critical in expanding access to capital, particularly for smaller borrowers, which could not obtain easy help during the pandemic from larger traditional lenders such as banks. Yet fintech companies presented a special challenge to PPP. In one early estimate, Ware said there could be more than $4 billion in PPP-related fraud, adding the losses are likely to grow as scrutiny of the program continues. Repeatedly, the SBA’s inspector general, Hannibal “Mike” Ware, has joined other federal watchdogs in needling the agency for its poor oversight.

As it rescued businesses, the agency systematically failed to take proper care of its funds, opening the door for criminals around the world to use stolen or false information to obtain limited pandemic aid. The losses have been especially stark at the SBA, an agency tasked at the height of the pandemic to administer about $1 trillion in loans and grants. Totaling more than $5 trillion, the country’s generous covid aid helped rescue millions of families, workers and businesses from financial ruin, even as it emerged as a tempting target for grift large and small, The Post has found in its year-long investigation, the Covid Money Trail. government faced amid the worst economic crisis since the Great Depression. The allegations underscore the challenge that the U.S. “As today’s report details, many fintechs, while promising to help disburse billions of Paycheck Protection Program dollars to struggling small businesses efficiently and expeditiously, refused to take adequate steps to detect and prevent fraud despite their clear responsibility to safeguard taxpayer funds,” Clyburn said in a statement. Reached by The Post, a contractor that worked with Blueacorn rejected the conclusions of the report. Hockridge also did not immediately respond. The company did not immediately respond to a request for comment. In a yearlong investigation, The Washington Post is following the covid money trail to figure out what happened to all that cash. economy from ruin and put vaccines into millions of arms, but it also invited unprecedented levels of fraud, abuse and opportunism.

history: Two years, six laws and more than $5 trillion intended to break the deadly grip of the coronavirus pandemic. It was the largest burst of emergency spending in U.S.

Blue acorn ppp loan reviews