The program’s largest lender, JPMorgan Chase, refused to even make loans of less than $1,000. ![]() When the government started the Paycheck Protection Program in April 2020, it quickly found that banks, from national giants to regional players, gravitated to bigger loans to more established businesses because they were easier to make and more lucrative. Addressing that is a core mission for us.” “Tiny businesses, self-employed individuals and minority communities are left out in the cold, over and over and over. “Millions of businesses were being left out,” said Barry Calhoun, the chief executive of Blueacorn, which was founded last year solely to help companies obtain P.P.P. loans made this year, the Times analysis found. Between them, the two companies processed a third of all P.P.P. But this year, they became the breakout stars of the Paycheck Protection Program, the government’s $800 billion relief effort for small businesses. The other, Womply, founded a decade ago, sold marketing software. One of the companies, Blueacorn, didn’t exist before the pandemic. For their work, the companies stand to collect more than $3 billion in fees, according to a New York Times analysis - far more than any of the 5,200 participating lenders. Then two small companies came out of nowhere and, through an astute mix of technology and advertising - and the dogged pursuit of an opportunity that big banks missed - found a way to help those businesses. ![]() Though Congress approved billions in aid for small companies to help them keep paying their employees during the pandemic, there was a big problem: It wasn’t reaching the tiniest and neediest businesses.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |