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October 7, 2020
On the web
PPP Scammers Made Fintech Companies Their Lenders of Choice
Bloomberg (paywall)
“Financial technology companies handled 75% of the approved PPP loans that have been connected to fraud by the U.S. Department of Justice, a Bloomberg analysis of more than 100 loans at the center of the cases shows. The fintech companies arranged just 15% of PPP loans overall. They include Kabbage and BlueVine Capital, as well as banks and nonbank lenders that work with such companies, including Cross River Bank , Celtic Bank , and Ready Capital .”
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