Blue acorn ppp chat plus#

How many employees were dedicated to fraud compliance and what was their budget.How many applications were escalated for human review as well as how many were rejected in this process.How the company’s automated systems detected fraud or money laundering.

Subcommittee Chairman Jim Clybourn sent the November 22 letter to Blueacorn demanding documents and answers on several topics, including The figure was cited in the letter sent by the congressional subcommittee to the company last month, but Blueacorn officials would not confirm that estimate.

Blue acorn ppp chat plus#

PPP loans were designed to assist small businesses to remain open during the pandemic.īlueacorn sent the paperwork through one of two partners, Prestamos CDFI or Capital Plus Financial, which are lenders approved to work with the federal Small Business Administration.īlueacorn helped to process loans for approximately 820,000 small business owners, resulting in $12.65 billion in PPP loans, according to a company spokesperson this week.īy one estimate, Blueacorn received a billion dollars in fees for processing PPP loans. The Fin Tech company posted a YouTube video showing how people can complete an online questionnaire and how their app wizard would autofill the PPP loan application. “Most self-employed and 1099 contractors had no idea they could actually qualify for a 100 percent forgivable PPP loan,” one ad said. Now the House Select Subcommittee on the Coronavirus Crisis is asking company executives about how much they made and what they did to try to prevent the possible waste, fraud, and abuse of tax dollars.īlueacorn’s advertisements flooded social media earlier this year.

SCOTTSDALE, AZ - A Valley company, which helped gig workers and mom-and-pops get the federal loans to stay in business during the pandemic, is now at the center of a Congressional probe into whether the loans were made to fraudulent or ineligible applicants.īlueacorn was founded in Scottsdale and helped process more than $12 billion in Paycheck Protection Program loans, according to the company.