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How two startups made billions on relief loans

How two startups made billions on relief loans
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How Two Start-ups Made a Fortune in Fees on P.P.P. Loans

Source: Analysis of data from the Small Business Administration
But reaching out to borrowers and collecting their paperwork were still challenging or, for Blueacorn and Womply, a light-bulb moment.
Blueacorn, based in Scottsdale, Ariz., was founded in April 2020 to help small businesses find P.P.P. lenders. After Congress made the fee change, the group of entrepreneurial coders who founded the start-up decided to build a system to simplify the paperwork, betting that it would encourage more lenders to make loans to the smallest businesses.
In San Francisco, Toby Scammell, the chief executive of Womply, had a similar idea. Founded in 2011 by Mr. Scammell and backed by venture capitalists, Womply provides restaurants, retailers and other small enterprises with tools to manage their customer lists, marketing campaigns and payments. Mr. Scammell had earlier discovered that banks didn’t want to bother with P.P.P. loans for many of Womply’s clients. ....

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SBA's gaffes are now her job to fix – Finance & Commerce

Isabella Casillas Guzman, head of the Small Business Administration, has been sprinting from crisis to crisis ever since starting her post in March. ....

New York , United States , Donald Trump , Chris Zacher , Isabella Casillas Guzman , Joe Biden , Toby Scammell , New York Times , Paycheck Protection Program , Justice Department , Restaurant Revitalization Fund , Defense Department , Small Business Administration , Casillas Guzman , President Joe Biden , President Donald Trump , Paycheck Protection , Shuttered Venue Operators Grant , Restaurant Revitalization , Levitt Pavilion , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , டொனால்ட் துருப்பு , கிறிஸ் ஜச்சேர் , இசபெல்லா காசிலாக்கள் குஸ்மான் , ஓஹோ பிடென் ,

PPP pandemic relief for small businesses is beset by confusion and dashed hopes

PPP pandemic relief for small businesses is beset by confusion and dashed hopes
Don Lee
© Provided by The LA Times
Tiny businesses like those at the Paramount Swap Meet have struggled to survive over the past year. (Kent Nishimura / Los Angeles Times)
The federal government’s massive Payroll Protection Program, which has been a lifeline for small businesses hit by the pandemic, has become so mired in confusion and delays as money runs out that hundreds of thousands of applicants may get no help, especially in underserved minority communities.
During the first months after President Biden took office, his administration far exceeded its predecessor in channeling funds to vulnerable companies. But in recent weeks, as the program s May 31 expiration date draws near, the agency responsible for it has been overwhelmed, and lenders can’t even be sure how much money is still available for loans. ....

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He Sent His PPP Money Back Because He Qualified for a Bigger Loan. Then the Program Ran Out of Cash

Carmelo Ramos was left without a second-draw PPP loan when he gave back the cash because he qualified for more money. Then the program ended unexpectedly. ....

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