“The SBA will continue to prioritize its response to findings of potential fraud in pandemic relief programs, efforts that have been positively recognized by the SBA Office of the Inspector General. Department of the Treasury, the Federal Reserve Board, and the Office of the Comptroller of the Currency to ensure federal financial regulators are coordinating their response to any wrongdoings by lenders. Blue Acorn has a great culture, the schedule is flexible and you arent micro-managed. SBA states that they will work with the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the U.S. This will also include any individuals and related entities that were named in the 130-page report. In addition, they will be investigating appropriate actions against the companies’ owners, management, and successor companies.įurther, the SBA stated that they will launch full investigations of the lenders who were partnered with fintechs including Benworth, Capital Plus, Celtic Bank, Customers Bank, Cross River Bank, Fountainhead, Harvest, and Prestamos. In response to the PPP fraud report, the SBA suspended Blueacorn and Womply from working with the SBA in any capacity. The SBA plans to continue working with the Select Subcommittee to review the evidence within the report and continue taking corrective action to address fraud and weak controls that were “so prevalent at the onset of the PPP”. On Wednesday, the SBA released a statement in response to the findings in the House Select Subcommittee on the Coronavirus Crisis report on PPP fraud. PPP Womply Benworth: BENTWORTH PPP Funding status GLITCH BLUE ACORN, CASH APP dave bank/Chime bank PPP LOAN FORGIVENESS. In response to new revelations detailed in the report of possible fraud facilitated by third-party companies, the Small Business Administration (SBA) is taking additional action,” reads a statement by the SBA. “The House Select Subcommittee report details serious problems of fraud and self-dealing by lenders and by companies who were paid fees by lenders to help PPP funds reach small business owners.
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