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Blue acorn phone number ppp
Blue acorn phone number ppp





blue acorn phone number ppp blue acorn phone number ppp

That was just in 2020 when it earned only $3 million in fees. “Womply entered into referral agent agreements with ten lenders or platforms and ultimately referred approximately 7,000 PPP loans totaling $360 million in taxpayer dollars while acting as a referral agent,” the report says. Womply had no ties to lending or fintech until it suddenly became a PPP loan broker in April 2020. The real villain of this mess? Fintech obviously!Ī fintech is how investigators cast Womply, an online reputation management company that helped people manage their reviews online.

blue acorn phone number ppp

Inevitably, fraud piled up, bad things happened, wrongdoing may have occurred, and Blueacorn was somehow paid a billion dollars for its work. In the eyes of investigators, this apparently qualifies as a fintech.Īs 1.7 million loan applications poured in to Blueacorn, the company then relied on an affiliated company that hired friends and family members that had little to no experience and got virtually no training to process the loans. This highly technologically advanced company consisted of “off-the-shelf fraud screening software” and a “single direct employee who assisted with processing PPP applications,” according to the report. According to the report, the CEO and co-founder of Blueacorn was in the business of selling cell phone accessories until he founded Blueacorn for the singular purpose of facilitating PPP loans. Of course everyone knows Blueacorn because they… oh wait, they probably don’t because up until April 2020 Blueacorn did not even exist. How this happened is laid out in 130 pages of detail that seemingly puts the brunt of the blame on Blueacorn, a purported fintech that was paid $1 billion in SBA processing fees for its role in facilitating PPP loans. According to a newly published congressional committee investigative report, fintechs facilitated PPP fraud.







Blue acorn phone number ppp