“Loans were removed for the FOIA Public Data Set because they were canceled by the lender,” Solomon wrote in an email. SBA spokesperson Christalyn Solomon said that the agency delegated that responsibility to lenders, which acted as “agents of the government to approve and disburse loans.” The SBA then assigned each loan a number, which confirmed that the government would guarantee it. And it likely could have been prevented if the SBA had required more screening on the front end, before approving loans in the first place.
It was also a hassle for lenders, who never got paid for hundreds of thousands of loans they sent to the SBA (though they reaped billions for those that did get funded). This game of pingpong was maddening for prospective borrowers who had been told money was on the way, whether they were eligible for the program or not.
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Prestamos has denied wrongdoing, and Capital Plus Financial declined to comment on pending litigation except to say that the plaintiff was ineligible for a loan. The phenomenon prompted the law firm Bailey Glasser to file a pair of lawsuits late last year against Prestamos and another Blueacorn client called Capital Plus Financial on behalf of people who had similar experiences. Their situations sounded a lot like Kilcrease’s: a quick approval in spring 2021, followed by some kind of snafu, and then a monthslong runaround from companies like Blueacorn, eventually resulting in no money after the lender the companies worked with withdrew its initial approval. Scores of them wrote in to our tip lines, perplexed that they had been listed as loan recipients, since they had applied but never received any money. A sizeable number of those were likely applied for by people who were attempting to defraud the program and didn’t make it through additional screening - it’s unclear how many, since the lenders we talked to declined to specify.īut plenty of would-be borrowers were acting in good faith. When we checked with the SBA, they told us the total number of cancelled loans actually topped 1 million. Most of them came through non-bank online lenders or banks that worked with web platforms such as Blueacorn, which solicited and processed huge volumes of applications for small-dollar loans in the final months of the program.
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When the last round of the PPP closed, in May 2021, we noticed something strange: The number of loans the government said it had made kept shrinking with every new release.īy the time the SBA posted its latest update in late November, about 575,000 loans had disappeared, subtracted from an original total of 11.8 million. We kept updating our interactive database as the SBA disclosed more loan information. ProPublica has been tracking PPP loans since the government first posted millions of them in July 2020. And it never appeared for hundreds of thousands of other applicants, either. “Just that little bitty bit.”īut the money never made it to Kilcrease. “It was everything I needed to get going,” he said. The money would arrive in his bank account within ten business days, Blueacorn estimated. Soon after, Kilcrease received loan documents from the Small Business Administration saying he'd been approved for a $4,790 forgivable loan, which he signed electronically and returned.
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