![]() ![]() 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. The extent to which you are eligible for forgiveness depends on the forgiveness rules and regulations issued by the SBA.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. Per SBA rules, if you do not have formal business expenses that you report on your Schedule C, you will be limited to having 60% of your loan forgiven. Please note, the SBA has limited loan forgiveness for applicants who are self-employed. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record in about the beneficial owners of legal entity customers at the time a new account is opened. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. ![]() PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements. There are no fees for applying for PPP or forgiveness. BlueAcorn does not guarantee that applications will be processed and submitted before PPP funds are no longer available. BlueAcorn may need additional information from you later and does not guarantee that it will be able to submit your application to the SBA based solely on the information you provide now. ![]() If funds are available, qualified applications will be submitted to the SBA. Funds are limited, and may not be available at this time. Loan agreements will identify the appropriate lender to small businesses at signing. Small Business Administration ("SBA”) lenders. PPP loans are made by one or more approved U.S. Interest rates for the Paycheck Protection Program ("PPP') are at 1%. By accepting this agreement, you acknowledge and consent to all compensation the “business” receives from Blueacorn for this referral. Customer understands that the “business” may receive compensation for referring you to Blueacorn. ![]()
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