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Arizona-based Blueacorn questioned in congressional PPP loan fraud investigation

Arizona-based Blueacorn questioned in congressional PPP loan fraud investigation

SCOTTSDALE, AZ – An Arizona 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

Blueacorn was founded in Scottsdale and helped process more than $12 billion in Paycheck Protection Program loans, according to the company.

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.

“Most self-employed and 1099 contractors had no idea they could actually qualify for a 100 percent forgivable PPP loan,” one ad said.

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. PPP loans were designed to assist small businesses to remain open during the pandemic.

Blueacorn 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.

Blueacorn helped to process loans for approximately 820,000 small business owners, resulting in $ billion in PPP loans, according to a company spokesperson this week.

By one estimate, Blueacorn received a billion dollars in fees for processing PPP loans. 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.

  • How the company’s automated systems detected fraud or money laundering
  • How many applications were escalated for human review as well as how many were rejected in this process
  • How many employees were dedicated to fraud compliance and what was their budget
  • Blueacorn’s total revenue from PPP loans
  • Total compensation for the executive team

The UT team analyzed SBA data, flagging approximately 30 percent of PPP loans through Blueacorn lenders to be suspicious, using several indicators of fraud

Rep. Continue reading

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