#Ppp blue acorn reviews drivers
Blueacorn saw enormous demand during this period, ultimately supporting 808,000 small business owners / sole proprietors via disbursement of $12.5 billion in SBA PPP funds.īlueacorn’s borrowers were the people who keep our economy running and weave together the fabric of our communities: beauty salon owners, truck drivers who are operating their business off their phone in between stops, our favorite local coffee shops and restaurants that define our neighborhoods, residential construction workers, rideshare or taxi drivers, landscapers, and local delivery workers, among a variety of other professionals. Many were also unwilling to lend to individuals altogether.īlueacorn was founded in April 2020 with the singular purpose of advancing the original mission of PPP by democratizing access to loan relief for America’s small businesses, independent contractors, and self-employed workers – groups who are often overlooked by our traditional banking system and could not seek relief through the traditional PPP channels.Īs a fintech lender service provider, Blueacorn partnered with the Small Business Administration (SBA) and CDFIs to facilitate the application for and fulfillment of PPP loans predominantly for businesses and workers who qualified as independent contractors, self-employed individuals, freelancers, and gig workers. However, due to the structure of the program, it became clear that there was a growing divide when it came to loan disbursement, with lenders prioritizing applications for clients who would take out the largest loans and bring in the highest fees. The launch of PPP was met with enormous demand and the program was renewed two times to meet the flood of applications. PPP was designed to be an intentionally untargeted program with limited safeguards in place so as to prioritize reaching those in need as quickly as possible. Answer (1 of 2): Blue Acorn is NOT a scam, they just have really bad. Given the severity of the threat posed by COVID-19, the government sought to create a program that focused on speed and access. BlueAcorn PPP Application Join 10,000s of Other Business and Apply For a 100. First and foremost it took me over a year youre to receive receive funds from my PPP loan. We appreciate the Subcommittee’s recognition of Prestamos’ performance of its mission in the PPP, and continue to implement effective fraud prevention measures in our lending.PPP was a cornerstone program of the CARES Act, intended to help employers keep their employees on their payroll by covering up to two months of their payroll expenses with a loan that could be completely forgiven if it was spent in accordance with the program’s guidelines. The worst company I have ever conducted business with.
Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. This report has identified significant concerns as well as useful recommendations to protect future SBA lending programs. As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Our own fraud prevention efforts resulted in denials of 57% of Prestamos’ PPP loan applications. We played an important role in supporting small businesses throughout the COVID-19 pandemic, successfully sponsoring over 400,000 loans and helping underserved communities access the funds they needed most while applying SBA regulations to prevent fraud. The other bank BlueAcorn worked with, Prestamos, released a statement to Arizona’s Family.Īs a mission-driven non-profit, Prestamos CDFI has a longstanding track record of promoting economic and community development through lending.
#Ppp blue acorn reviews plus
Arizona’s Family reached out to BlueAcorn and Capital Plus and have not heard back. Home BLUE ACORN, LLC Why is my loan information here Loan Amount 1,869,800 Amount Forgiven 1,881,224 Includes any accrued interest Where applicants said the money will go Payroll 1,869,800. The report said Reis and Hockridge moved to Puerto Rico after getting many of their PPP loans forgiven.
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