After several more months I received an email informing me my loan would be due soon if I couldn't explain why I had two loans within an 8 week period. This information was with the *** all they had to do was look it up. They filed the loan as a 1st draw instead of a second which they weren't supposed to do. Not only did they not know I had received forgiveness on another loan a year previous to their loan. The new Lender Prestamos was even worse than BlueAcorn if that is possible. Had I known this I never would have given them my personal information. They never informed me they were NOT a lender. I asked Blue Acorn why was I with another Lender. After several months passed I received an email informing me that I must contact a Lender I had no knowledge of. After several months I contacted Blue Acorn to coordinate my Forgiveness.I contacted them numerous times for several months via email and phone. 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.Blue Acorn contacted me countless times to apply for a "100% Forgivable Loan opportunity. 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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