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
Financial technology firms at the front lines of approving loans through the Paycheck Protection Program — intended to help small businesses survive during the pandemic — lacked fraud controls, chased high fees to the detriment of some borrowers and sometimes exploited their business relationships to arrange suspect loans for the companies’ own executives.