![]() My loan started with blue acorn and now is with prestomas. On February 27, 202, I received a demand letter that my PPP Loan will go in default on 3-6-2023. I have a business to run and shouldnt have to go through this, when my loan shouldve been forgiven. This has become my daily routine several times a day during the weeks. Instead my call goes to voicemail saying leave a message in the general mailbox, which I NEVER get a callback. Ive tried to contact Prestamos on the customer service number ************ and NEVER get a representative. ![]() I feel that Prestamos is trying to scam us small businesses and not forgive our loans for some reason or another. We can not afford to pay a loan that we expected not to have to repay. We are small business still struggling and trying to make ends meet and keep out doors open. I research and noticed that I am not the only business dealing with this issue. Because I am I small business I can not jeopardize a bad credit rating, so I setup a payment plan, which of course they received that information. I began receiving emails that my loan was and would go into default causing my business not to get future loans via the *** if I did not start making payments by 3/1/23. I began sending the emails with return receipts and they have not been open/read. I contact Prestamos and actually talked to a representative and was told that my application was on hold with an issue with my NAICS, I submitted the requested documents on several occasions, because I am receiving emails that the required documents have not been received. Later to start receiving message about payment. I applied for PPP loan forgiveness within the time period (11/21). I contact the lender in November 2022 regarding my loan forgiveness status. ![]() 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 am a small minority business that received a PPP loan from Prestamos via Blue Acorn. 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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