Blue acorn application drivers#

I will be filing a complaint with the U.S Treasury and the Attorney General of the state to get answers.

Ive been trying to contact them for days to resubmit my application now that I had Ready Capital withdraw my app and loan number. Ready Capital had a loan number for me because I used them before Blue Acorn and it messed up my application when they submitted it to the SBA. Further harming consumers like this during a national crisis is unjustifiable. Because im not even to the docusign stage yet. I can see so many people are going through the same thing with this company. This company procedures and policies is unfair and very deceptive. The SBA claims that I am approved and should have received the funds. I’m still in the database that I received the loan. I was told an adverse action has been taking and I was denied and that was final without any explanation as to why.

When I reached out to see why they didn’t fulfill their promise. I made many attempts to speak to someone regarding this issue to be told by their agents that my file has been check and everything looks good for funds to be disbursed. I was told I would receive my funds within the week but never have. I was approved on and signed all of the documents. A borrower generally may submit a loan forgiveness application any time Expand PPP allowable and forgivable expenses to include covered. Weve helped 100,000+ customers, and have 100s of 5.

Blue acorn application drivers#

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.I applied for a loan with Blueacorn under the CARES Act. Blue acorn helps self-employed and 1099s qualify for a Forgivable PPP loan from the SBA. Also, people think Blue Acorn PPP Loans are a scam because they use too much personal. Therefore, many job seekers believed that Blue Acorn PPP Loans were scams. It may take 30-45 days to process your files.

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. It is a legitimate company with very poor customer service. 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.