On Thursday, a congressional report accused Scottsdale-based company Blueacorn of facilitating fraudulent and ineligible Paycheck Protection Program loans. The small business loans were administered by the U.S. Small Business Administration as part of the federal coronavirus rescueThe findings come after an investigation was launched last year.Former Phoenix news anchor
Federal officials say Blueacorn gave out Paycheck Protection Program loans recklessly; approving potentially fraudulent applications and taking hundreds of millions.
A Scottdale-based company that filed Paycheck Protection Program applications failed to screen out those with signs of fraud while abusing the program, according to a new congressional subcommittee.