I also got screwed over by blue acorn and prestimos. If it is possible to join this class action please Email me back at the earliest time possible at 23, 2023 at 10:57 pm Between covid and then Blueacorn was enough to destroy any chances of recovery. This went on and on and then one day they say that now I’m not approved anymore even after being promised 50 times that its guaranteed and there’s nothing I need to do. I have several different employees from them assure me that my funds are guaranteed and are coming and just to remain patient. I created several tickets with them because they don’t have a phone number. I tried for months to update my banking information. ![]() ![]() Well they sent the funds and dave returned the funds. I have the sba approval and even tried to fund to my Dave banking account which I filled out because my main bank wasn’t on their plaid approval process so I set up a dave account because it was on the first page of plaid approval. Thanks to that substantial amount, Prestamos has reportedly received nearly $1.2 billion in fees in 2021. So far, this outstrips all other lenders in 2021, and is more than the total number of PPP loans made by Bank of America, PNC Bank, TD Bank, and Wells Fargo combined, according to the complaint. In 2021, after the SBA increased its fee rates, Prestamos processed nearly 500,000 PPP loans through May 31, 2021. In 2020, Prestamos processed nearly 1,000 PPP loans, reportedly receiving $1.3 million in fees from the SBA, according to court documents. Prestamos Allegedly Used PPP Loans to Make Itself Money InsteadĪs an authorized PPP lender, Prestamos was entitled to receive fees from the SBA for each PPP loan it processed. Unfortunately, despite its designation as a Community Development Financial Institution (CDFI), which indicates its dedication to “helping economic growth in underserved areas,” Prestamos failed to follow through on many small business loans it processed. Under PPP loan provisions, Prestamos should have funded these loans within 10 days of SBA approval. Many other borrowers have complained about not receiving their due funds from Prestamos on the Better Business Bureau’s website and various social media sites. Marshall even checked with her local SBA office about the loan the SBA had information of her loan, its approval, and alleged disbursement, although she still hadn’t received the money. Marshall, Pronsky, and Townsend each received Small Business Association (SBA) approval on their PPP loan applications and a promissory note regarding the loans.ĭespite properly completing, signing, and submitting the required loan documents and multiple attempts to obtain the loan proceeds, they never received their loan funds, says the class action lawsuit. Marshall, Pronsky, and Townsend seek to represent a national Class of persons and entities in the US who, in 2021, timely applied for PPP loans with Prestamos, but did not receive loan proceeds despite approval, as well as a similar California subclass. The class action lawsuit argues that Prestamos’s failure to fund these Small Business Association-approved PPP loans directly harmed Marshall’s in-home healthcare business, Pronsky’s barbeque catering business, and Townsend’s hair care products business.
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