The COVID-19 pandemic created massive economic disruption and hardship for small businesses across America. In response, the federal government launched the Paycheck Protection Program (PPP) to provide emergency loans and relief. However, amidst this crisis, allegations have emerged about fraud and abuse within the PPP system. One company at the center of controversy is Blue Acorn.
What is Blue Acorn?
Blue Acorn is a fintech firm based in Scottsdale, AZ that acted as a third-party facilitator between small businesses and PPP lenders. They helped process over $12 billion in PPP loans for independent contractors, gig workers, and small business owners who struggled to get funds from traditional banks.
The Allegations Against Blue Acorn
In December 2021, a congressional investigation accused Blue Acorn of failing to properly vet PPP applicants and enabling potential fraud. A report from the House Select Subcommittee on the Coronavirus Crisis made the following claims:
- Blue Acorn spent minimal resources on fraud prevention despite earning over $1 billion in processing fees.
- Loan reviewers felt pressured to “push through” questionable applications.
- Blue Acorn founders prioritized “VIP” loans and dismissed smaller businesses.
- Owners allegedly charged illegal fees and got $300k in PPP loans for themselves.
- Some loans showed signs of potential fraud.
The report concluded that Blue Acorn abused PPP to enrich its owners while neglecting fraud prevention. It recommended a criminal probe by the DOJ.
Negative Reviews and Complaints
Adding to the controversy are over 1700 complaints on the BBB website. Customers accuse Blue Acorn of misleading marketing, poor communication, unexpected denials, and “outright fraud.”
Some applicants say they never received funds despite approval, while others describe terrible customer service. Multiple reviews allege that Blue Acorn representatives requested illegal kickbacks.
However, Blue Acorn maintains an A+ rating on BBB by addressing complaints. They emphasize assisting underserved groups, not traditional businesses.
What Does Blue Acorn Say?
Blue Acorn firmly denies any legal violations or wrongdoing. In an official statement they expressed pride in “dramatically reducing fraud” and focusing on overlooked groups. The company points to their high BBB rating as evidence of good service.
Founders Stephanie Hockridge and Nate Reis claim they are no longer involved in daily operations. Blue Acorn states that the House report contains “numerous factual inaccuracies” that they will disprove by fully cooperating with investigators.
Unresolved Questions
- Did Blue Acorn cross ethical lines in pursuit of profits as the House report alleges?
- Or are they a well-intentioned company that helped struggling applicants when traditional lenders would not?
While Blue Acorn disputes the accusations, important questions remain unanswered. Applicants should carefully weigh risks if considering Blue Acorn for PPP or other loans. But their legacy remains complex given the crisis circumstances and groups they aimed to serve.
The DOJ investigation and additional oversight may eventually provide clearer answers. Until then, small business owners should educate themselves on all PPP facilitators before applying for these vital loans.
People also looked at
I was kept in loop with these scumbags for 18 months I had 250 support tickets and 0 were answered and they had the nerve just now to tell me how proud they were to help 800,000 people when they couldnt even answer 1 of 250 support tickets . Sent deposits to a closed bank account 5 times and would not update my account the first month of this circus I wish there was an attorney that would take my case against them as they need to get what they deserve got paid to process my application then said heck with me I got cancer soon after my 18 month ordeal with them and all the stress they put me through caused my sickness to get worse because of the stress everyday but they are so proud of them selves Judgement day will come if I dont get them. they come on here saying this and that about helping me but never answered 1 of 250 support tickets begging them to update my info how can you be so proud and not even give someone you caused to loose everything any support at all you should be shut down I know you got paid to push my application through then said heck with me because we got our money just like thousands of others just how many applications did you get paid for that you later canceled peoples loans after you got paid . And just so you know because of you I am still listed on the national registry as receiving the money you never gave me . So I am being called a liar because you say I got the money when you never intended for me to get it .I just seen that the department of justice opened the seal on indictments against you Stripes will look good on you people . I told the justice department my 18 month story I had with you I hope it will help them with the case the way you didnt help me is not how business is ran and you caused me to loose mine so I hope you rott in a cell. I told you I was going to get you now you are going to pay.
Date of experience : November 28, 2024
I applied for a loan with Blueacorn under the CARES Act. I was approved on 04/06/2021 and signed all of the documents. I was told I would receive my funds within the week but never have. I made many attempts to speak to someone regarding this issue to be told by their agents that my file has been check and everything looks good for funds to be disbursed. The funds never was disbursed. When I reached out to see why they didn’t fulfill their promise. I was told an adverse action has been taking and I was denied and that was final without any explanation as to why. I’m still in the database that I received the loan. The SBA claims that I am approved and should have received the funds. This company procedures and policies is unfair and very deceptive. I can see so many people are going through the same thing with this company. Further harming consumers like this during a national crisis is unjustifiable. I will be filing a complaint with the U.S Treasury and the Attorney General of the state to get answers.
Date of experience : December 26, 2022
They are scammers!!! You can never reach any one!! I applied, was approved funds issued, funds were spent…..I started making deposits to my account and the bank sent the funds back to blue acorn December of last year. The bank told to me contact blue acorn. I have been front to reach someone sense last year. The money that was sent back was not the loan funds from blue acorn. I was approved for total loan forgiveness. I’ve been unable to get a clear response or answer from any!! I want my funds back!!!
Date of experience : December 07, 2021
Reply from BlueacornOct 7, 2022
Hi Laresa. We are sorry to hear that you have not been able to get this issue resolved. We want to look into this and provide you with some answers. Someone from our team will be reaching out to you via our ticketing system. We appreciate your feedback and for bringing this to our attention.
I’ve been stuck in Manuel Review for over a yr! They’re a bunch of scammers. My funds got sent back from my bank to blueacorn for no reason at all. So I raised a ticket with blueacorn support and they told me I’ll have to update my banking information once my application is out of this “FAKE” Manuel review process. I have chatted with blueacorn every month for a year straight and I have got the same responses since the funds was sent back. I’ve came to an conclusion that they’re keeping the money, we won’t be getting anything back. They give u the run around, I have read so many reviews where we’re all having the same issues. They’re scammers! I’m sure a class action lawsuit is on the way for theses ppl. Y’all deserve to be sued for everything y’all stole plus interest!
Date of experience : September 02, 2022
Reply from BlueacornSep 6, 2022
Hi Allen. Thank you for sharing your experience. We understand that this manual process can take time and how frustrating that can be for you. We would like to look into this and will need more information from you. We will be reaching out via Trustpilot for additional information. We appreciate your feedback.
Blueacorn is a scam scam scam they approved my loan I got all the documents signed the the funds were issued but back send them back and I got to update the bank information and boom BIG FAT DENIAL RIGHT AFTER
Date of experience : September 01, 2022
Reply from BlueacornSep 6, 2022
Hi Vanessa. We are sorry to hear that. We would be more than happy to look further into this for you. Someone from our support team will be reaching out from our ticketing system within 24 hours. Thank you for the feedback.
This company is a whole scam. I wouldnt even suggest doing the forgiveness application thru them.
Date of experience : August 11, 2022
Reply from BlueacornAug 15, 2022
Hi Candy. We are sorry to hear that you did not have a good experience. We would love the opportunity to look further into this for you and see how we can help. We will be reaching out via Trustpilot for more information so that we can reach out.
We’ve been lied to this whole time !! Talked to an agent with the SBA forgiveness HOTLINE today.. I was told if I hadn’t received my funds by now,then I won’t get them !! Because of the policies in place I was told ; we had until December of 2021 to receive and utilize the funds …,is this accurate blueacorn?? Now i will be told soon that you will reach out to me via trustpolite but we know u won’t !! I do t even know how that even works lol anyway !!! You haven’t reached out to me via my email so I know I won’t hear from u via trustpolite!!!
Date of experience : July 14, 2022
Reply from BlueacornJul 21, 2022
Hi Nicholas. Thank you for reaching out and for your feedback. We would like to look into this so that we can provide some clarity for you. In order to do that we will need more information. What happens when we reach out to you via Trustpilot is that you will receive an email and notification asking you to share additional information such as your email address so that a dedicated team member can reach out to you. Thank you again for the feedback.
Was approved 04/2021 gave all my paperwork twice have loan number spoke with SBA stated I was paid in full 06/12/2021 on 06/14/2021 got a email from BLUEACORN stated I was denied now Im getting letters and emails saying I have to pay the loan back I never received this is sad Im not paying money I never received.
Date of experience : July 12, 2022
Reply from BlueacornJul 21, 2022
Hi Lolita. We certainly understand how frustrating this must be for you and would like the opportunity to look into this. We will be reaching out for more information and once we have that, a member of our team will reach out to you. Thank you for taking the time to share your feedback.
Approved said I needed to get their pay card never received then I was denied now I have to repay money I never got you guys stole from me??!!!
Date of experience : July 09, 2022
Reply from BlueacornJul 11, 2022
Hi Sarah. Thank you for sharing your feedback and we are sorry to hear this. We will need more information in order to look into this for you so we have reached out via Trustpilot.
OMG they are horrid! No IT support or PPP assistance with forgiveness. I literally put in 20 help desk tickets without resolution. Fly by night operators! I am at a loss to describe how truly bad they are.
Date of experience : June 22, 2022
Reply from BlueacornJun 27, 2022
Thank you for sharing your feedback. We hate to hear that you havent been able to find a resolution and want to help. I will make sure that someone from our support team reaches out to you within 24 hours.
Applied, accepted never received my money and now the want me to pay it back. I don’t think so. Court is an option.
Date of experience : June 19, 2022
Reply from BlueacornJun 27, 2022
Hi there. We are sorry to hear this and would love to look into this for you. We need additional information so we are reaching out via Trustpilot. Please be on the lookout. Thank you for taking the time to leave a review.
SO I WAS TOLD BY BLUEACORN AGENTS THAT I SHOULD RECEIVE SOME BY MAY 26 AND IF I DONT RECEIVE ANY INFORMATION TO EMAIL THEM BACK I EMAILED BLUEACORN YESTERDAY I GOT A EMAIL FROM THEM BACK SAYING THAT I GUESS MY APPLICATION IS STILL PROCESSING BUT LAST MONTH I WAS TOLD MY REVERIFICATION WAS COMPLETE I JUST WANT TO WITHDRAW MY APPLICATION AND GET MY BUSINESS NAME OFF THE PPP LIST CAUSE I NEVER RECEIVED A PENNY BLUEACORN IS FULL OF BS
Date of experience : May 27, 2022
Blueacorn is saying a lot of us are stuck in manual review which is weird I don’t believe we are ever going to be out of manual review… a process of manual review shouldn’t take over months that’s a bull s excuse to keep our funds this company is very fraudulent… there no reason you don’t have a review team to view the correct documents of thousands of people quote on quote stuck in “manual review” it doesn’t make sense… that’s an excuse to hold our funds and use them for business once this all blows over…. I know people who got there dash card and access to there funds but they didn’t switch there addresses or ask for replacement cards or there funds were never sent back by there banks.. if you went through one of these 3 things you’re “stuck” in a manual review this company is full of crap … just be real and tell all of us you’re not giving us our money your stealing it… what company doesn’t have a timeline on a review process let’s be serious … that’s a red flag
Date of experience : April 15, 2022
Reply from BlueacornApr 18, 2022
Hi Calvin. We apologize that this process is taking longer than anticipated. I will have someone from our support team reach out to you as soon as we have an update.
I was approved, funds sent to capital one bank… they but funds on hold , 2 months ago funds were sent back to blue acorn , still no update from blue acorn . They are just saying still under manual review, at this point i don’t think I’m going to receive my funds it’s been a whole year & the problem still hasn’t been solved
Date of experience : April 13, 2022
Reply from BlueacornApr 13, 2022
Hi there. We do apologize for the duration of time that it is taking for your application to move to the next step and understand how frustrating that can be. We would love to look into this for you. We will be reaching out via Trustpilot to get more information from you so that someone from our support team can reach out. We appreciate you taking the time to share your experience with us.
Update – 4/10 still stuck In manual review, the process can’t be extradited tired of waiting this is ridiculous no one from this blue acorn team or staff is trying to give me access to my funds been waiting for a very long time. This company is fraudulent And very weird. Want notes removed from dash so I can have access to my funds waited patiently still not getting the help I need literally been approved of my loan since April 2021… it is April 2022 if someone from corporate is reading this can my process get extradited
Date of experience : April 10, 2022
gave one star because i had to. was approved for ppp in may2021 have not received funds, blueacorn kept directing me to dash, dash kept telling me to email support , support email address does not exist. than sent back to blueacorn , blueacorn said card funded and in use, by who? not me
Date of experience : March 28, 2022
Hi Sea. We want to look into this for you so we have reached out to you via Trustpilot to get more information. Once we have more information someone from our support team will be in touch to help get this matter resolved. We thank you for your feedback.
Still havent heard anything yet!!!I was approved for my loan may 2021 of last year and a year later still no funds. My money got sent to lili bank and they closed my account for no good reason when I provided all the info needed. They say they sent the funds back in December of 2021, 7 months later after I was approved. They say they sent a check out, back to the lender who I recieved the loan from and it was cashed February 2 2022. Ive contacted BlueAcorn multiple times and just get the run arounds about where my funds are they keep saying they are deposited to account thats closed. I tried to provide the return trace numbers to lili form BlueAcorn but they say they cant help me no more due to the fact I no longer have an account with them. Im stuck and my business is at the lowest its ever been and I cant even apply for my forgiveness and the time is almost up.
Date of experience : March 14, 2022
Reply from BlueacornMar 28, 2022
Hi Thomas. Thank you for sharing your experience with us. We want to assist you with this matter but need more information. Please reach out to our support team at [email protected] or respond to our inquiry through Trustpilot so that we can help you with a resolution. We appreciate your feedback and look forward to hearing from you.
I wish I could give a negative 5star rating I applied for my loan and was approved May 26,2021. And by June I was wondering where was my funds so I emailed them and they emailed me back saying my account was stuck the exact words and Im like how they wouldnt give me any information just kept saying you will be funded as soon as we resolve this so I wait and email again Im livid at this point because I really needed my funds for my bills and business costs. Then in October I received a loan repayment email so I contact them again like I didnt receive anything so how am l getting repayment emails and they say they dispersed the money to my bank and gave me trace numbers to give my bank I give it to my bank they say nothing came up with this number so I contact them again to tell them and they just kept saying we gave it to you so Im like well can u send me a copy of my paperwork and verify the account information I was told they couldnt do that so Im livid Im emailing them over and over again. Then I received another message from SBA about loan forgiveness so call them and tell them that I never received the funds so why am I receiving repayment emails, they say well its saying you got your money in May Im like I didnt receive anything and I have proof of it. So she says were going to escalate this further Im like ok. Its March 2022 and I havent heard anything from SBA yet. So I get a repayment email again and I email again and I finally get someone that helped me and sent me paperwork and the account that it was sent to and it was sent to Sutton bank I never heard of them so I look it up well they are affiliated with cash app accounts I called them you dont get a person just and answering machine I left multiple messages and contacted cash app Im also reporting this to the attorney general and sba oic because someone stole my money and it had to be someone that works for blueacorn and I dont know why they think they wont get caught technology is very advanced and they will trace where it went and Im anxious for results. This isnt right I have children that has been affected by this so I want them punished to the full extent of the law.
Date of experience : March 03, 2022
Reply from BlueacornMar 4, 2022
Hi Coretta. We appreciate you taking the time to share your honest feedback on your experience with us. We have reached out to you via Trustpilot to get more information so that we can look into this for you. Once we have more information, a member of our management team will be in touch.
Was told after I was approved that I was denied after several months of waiting then was told I had nothing to worry about as I was concerned that I would have to pay back a loan I never received today I get an email from blue acorn that I need to fill out an forgiveness application for my lender or pay back the amount for the loan I never received how is this I need answers and I am taking th it s up with the courts because this is not right I should not have to pay anything or anyone back for a loan I never received
Date of experience : January 27, 2022
Reply from BlueacornFeb 1, 2022
Hi Ashley. Thank you for your feedback. We apologize that you are receiving emails regarding forgiveness when you did not receive your loan. We would like the opportunity to look into for you. Please reach out to [email protected] so that we can get more information from you and someone from our support team will be able to provide you with assistance.
So my last review was last year, my story is just like everyone’s else’s . I applied , got approved , waited , denied and today after many months I got a email saying I owe over 5k to préstamos !!! Jajajajjajajajajajja that’s funny. I emailed them to show me where the money was sent and me using it. Uhm I definitely have the email we’re it says I’m denied! Don’t play with me I’m not the one. You guys already under investigation.
Date of experience : January 27, 2022
Reply from BlueacornFeb 8, 2022
Hi Normali. We understand how this is frustrating for you and would like to look further into this. We will need some additional information so someone from our support team will be reaching out to you within 24 hours. We appreciate you bringing this to our attention and look forward to getting this matter resolved for you.
See what reviewers are saying
This was a long drawn out process to receive my PPP loan because my bank rejected my deposit. But let me say, the staff at BlueAcorn worked overtime getting the issue resolved. They were very professional yet understanding to the situation at hand. They were with me every step of the way. Thank You BlueAcorn!!
Approved my ppp loan, then deposited it into some phantom account, then 6 months later tell me they cant approve my loan. No customer service what so ever. Shady horrible buisness practices. Multiple trouble tickets created through their bootleg website and every agent has some different response or reply that all see prestaged. Reported to the BBB and have joined in pending lawsuit against this company.
So, I have had all good experiences with Blueacorn. The loan took a little longer to fund than I woukd have liked but I did get the money. And this is the SBA – monster organization – that is at the heart of this situation. I am extremely grateful to have had Blueacorn help me navigate the negative and muddy sludge of the SBA. They havent started their forgiveness process yet but I expect I will be notified appropriately when they do and I will appreciate their help at that time, too. Thanks Blueacorn!!
As a business owner with three different businesses that was affected by the Pandemic.. I must say BlueAcorn is the Best. They explained the process where a 2 year old would understand it. They gave pointers to get your maximum payout and the forgiveness process was so easy through the SBA link and their private link. I will work with them in the future.
Hasn’t replied to negative reviews
Blue Acorn Review (PPP Loan Status Update) – Is Blue Acorn Legit And Trustworthy?
FAQ
Is Blueacorn still funding?
As of today, May 26, we are no longer accepting new applications for PPP loans, due to high volumes, limited SBA funds & the program’s upcoming May 31 expiration.
What does blue acorn do?
… company that empowers global brands to deliver remarkable customer experiences and enables clients to navigate large-scale digital transformation programs
Do people have to pay back PPP?
If the loan is fully forgiven, you are not responsible for any payments. If only a portion of the loan is forgiven or if the PPP loan forgiveness application is denied you must repay any remaining balance due on the loan on or before the maturity date of the loan.
Is PPP trustworthy?
Countries with strong government control of the economy sometimes enforce official exchange rates that make their own currency artificially strong. By contrast, the currency’s black market exchange rate is artificially weak. In such cases, a PPP exchange rate is likely the most realistic basis for economic comparison.