The Paycheck Protection Program (PPP) was a critical lifeline for many businesses during the COVID-19 pandemic. However, the program was also plagued by fraud, with some companies taking advantage of the situation to enrich themselves. One such company is Blue Acorn, a Scottsdale-based fintech firm that processed billions of dollars in PPP loans.
A Shadowy Past:
A recent congressional report has cast a dark shadow over Blue Acorn alleging that the company facilitated fraud by processing loans for ineligible applicants and enriching its owners through excessive fees. The report also claims that Blue Acorn’s loan reviewers were pressured to “push through” loans even if they had doubts about their authenticity.
A Trail of Complaints:
Adding fuel to the fire are the numerous negative customer reviews on the Better Business Bureau (BBB) website. Customers complain of being misled, receiving poor customer service, and having their applications denied for no apparent reason. Some even claim that Blue Acorn stole their money
A Questionable Reputation:
The accusations made against Blue Acorn cast doubt on the company’s ability to operate legally and its dedication to moral business conduct. While the company denies any wrongdoing, the evidence suggests otherwise.
Unveiling the Truth:
To get a clearer picture of Blue Acorn’s involvement in the PPP fraud, let’s delve deeper into the allegations and evidence:
Facilitating Fraud:
The congressional report claims that Blue Acorn processed loans for ineligible applicants, including those with signs of potential fraud. This suggests that the company may have intentionally turned a blind eye to fraudulent activity in order to maximize its profits.
Enriching Owners:
The report also alleges that Blue Acorn’s owners enriched themselves through excessive fees. The report claims that the business transferred nearly $300 million in profits to its owners while receiving over $1 billion in taxpayer-funded processing fees. This raises questions regarding the company’s intentions and dedication to meeting small business needs.
Pressuring Loan Reviewers:
The report claims that Blue Acorn’s loan reviewers were pressured to “push through” loans, even if they had doubts about their authenticity. This suggests that the company may have prioritized profit over due diligence, potentially enabling fraudulent activity.
Negative Customer Reviews:
The numerous negative customer reviews on the BBB website paint a troubling picture of Blue Acorn’s business practices. Customers complain of being misled, receiving poor customer service, and having their applications denied for no apparent reason. Some even claim that Blue Acorn stole their money.
Denials and Investigations:
Blue Acorn denies any wrongdoing and claims that the allegations against the company are false. However, the evidence suggests otherwise. The congressional report and the numerous customer complaints raise serious concerns about the company’s legitimacy and its commitment to ethical business practices.
The Verdict:
Based on the available evidence, it is difficult to say definitively whether Blue Acorn is a legitimate company. However, the allegations against the company are serious and warrant further investigation. It is important for potential borrowers to be aware of the risks involved in working with Blue Acorn and to do their due diligence before applying for a loan.
Additional Considerations:
- The congressional report recommends that the Department of Justice investigate Blue Acorn for possible criminal activity.
- The Small Business Administration (SBA) is also reviewing the allegations against Blue Acorn and may take action against the company.
- Potential borrowers should be aware of the risks involved in working with Blue Acorn and should do their due diligence before applying for a loan.
The allegations against Blue Acorn raise serious concerns about the company’s legitimacy and its commitment to ethical business practices. While the company denies any wrongdoing, the evidence suggests otherwise. It is important for potential borrowers to be aware of the risks involved in working with Blue Acorn and to do their due diligence before applying for a loan.
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Blue Acorn has 2 locations, listed below.
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Blue Acorn
7014 E Camelback Rd Ste 1452 Scottsdale, AZ 85251-1227
Blue Acorn
7014 E Camelback Rd Ste 1452 Scottsdale, AZ 85251-1227
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Is Blue Acorn legit for PPP?
FAQ
Is Blue Acorn being investigated?
Does Blue Acorn do second draw PPP loans?
Who is Blue Acorn lender?
Is Blueacorn still funding?
Does blue acorn help self-employed & 1099s qualify for a PPP loan?
Check Out Our FAQs Or Contact Our Support Team Directly. Blue acorn helps self-employed and 1099s qualify for a Forgivable PPP loan from the SBA. We’ve helped 100,000+ customers, and have 100s of 5 star reviews.
Did blueacorn get a PPP loan?
Ms. Hockridge and other Blueacorn insiders collectively received at least $650,000 in P.P.P. loans for a variety of companies they owned or controlled. Some of those loans were later flagged as potentially improper by Capital Plus Financial, one of the two lenders that funded loans for Blueacorn.
Does blueacorn have a PPP program?
In a previous statement to USA TODAY, Blueacorn CEO Barry Calhoun said the company was “incredibly proud of the work we have undertaken to dramatically reduce fraud in the PPP program,” adding that it focused on serving a “traditionally overlooked population.” A spokeswoman said Tuesday the company would cooperate with the congressional inquiry.
Does blueacorn have a PPP loan forgiveness portal?
Working with both Prestamos and Capital Plus Financial, Blueacorn will introduce a portal in the coming weeks to facilitate the PPP loan forgiveness process for its borrowers.