![]() The Better Business Bureau Issues an Alert for a 'Pattern of Complaint' Of course, Blue Acorn has disputed the report, stating that the UT report was done using flawed methodology. This was based on several indicators of fraud when analyzing Small Business Administration (SBA) data. In a report published by the University of Texas, its team flagged approximately 30% of PPP loans done through Blue Acorn as being suspicious. In only one year, Blue Acorn reportedly profited $1 billion from processing PPP loans for approximately 820,000 small business owners. What You Should Know About Blue Acornįounded in Scottsdale, Arizona, Blue Acorn (also spelled "Blueacorn") helped process more than $12 billion in Paycheck Protection Program loans, according to ABC affiliate channel 15 Phoenix. In fact, the average American will spend 43 days of their life on hold - that's a lot of time wasted. 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.Jump the Phone Queue for Any Company What's Blue Acorn's Customer Service Number How to Contact Blue Acorn EasilyĪre you experiencing issues with a company and need them resolved? Skip the long phone queue with DoNotPay! It's tiring to wait hours on end to get assistance from a company, especially if you're a paying customer. 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. Given the severity of the threat posed by COVID-19, the government sought to create a program that focused on speed and access. 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.
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