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The Latest Breaking News from Kabbage

A congressional report says financial technology companies fueled rampant PPP fraud

Fraud in the Paycheck Protection Program, which gave potentially forgivable loans to small businesses during the pandemic, was largely due to financial technology companies, according to a new report.

WEKU

PPP firms gave selves loans, bought Porsche, $8M home, says report on COVID loan fraud

WASHINGTON — Some of the most prolific online lenders in the federal Paycheck Protection Program had remarkably lax fraud protection controls even as they approved billions of dollars worth of loans in the COVID-19 small business relief program.

McClatchy Washington Bureau

Virtually all PPP loans have been forgiven with limited scrutiny

Officials promised a robust review process before forgiving PPP loans, but most loans could be forgiven with a simple, one-page form. Meanwhile, just 2% of loans have gotten close, hands-on reviews.

WEKU

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Facing federal PPP fraud investigations, online lender Kabbage files for bankruptcy

Online lender Kabbage was one of the biggest lenders in the first year of the Paycheck Protection Program, processing more than $7 billion in loans.

McClatchy Washington Bureau

PPP program was awash in fraud. Now, one lender may finally face a legal reckoning

The Paycheck Protection Program was one of the signature federal economic relief measures in the early days of the COVID-19 pandemic, providing small businesses loans of up to $10 million that were forgivable if used for payroll and other approved expenses.

McClatchy Washington Bureau

Rubio seeks answers from SBA on PPP forgiveness after McClatchy series on unforgiven loans

Following a series of stories by the Miami Herald addressing the backlog of unforgiven Paycheck Protection Program loans and the disproportionate impact of this backlog on minority communities, Florida Sen. Marco Rubio has called on the director of the U.S. Small Business Administration to speed up the forgiveness process and…

McClatchy Washington Bureau

PPP loans were made to be forgiven. In heavily Black areas like South Florida, many aren’t

For Louine Raymonvil, the $105,000 Paycheck Protection Program loan his North Miami Beach security business received in June 2020 was a godsend.

McClatchy Washington Bureau

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Dos años después, las microempresas aún esperan la condonación prometida del préstamo PPP

Después de que los cierres por COVID-19 dejaran sin trabajo a la peluquera de Miami, Vicki LeMaster, un amigo le recomendó que solicitara un préstamo del Programa de Protección de Pago de Cheques (PPP) a través del prestamista en línea Kabbage.

McClatchy Washington Bureau

Unforgiven: Two years later, small businesses still waiting promised PPP loan forgiveness

After COVID-19 shutdowns put Miami hairdresser Vicki LeMaster out of work, a friend recommended that she apply for a Paycheck Protection Program loan through the online lender Kabbage.

McClatchy Washington Bureau

Red flags ignored as federal loans flew out the door

One woman being prosecuted in Atlanta for defrauding the Paycheck Protection Program is a Walmart bakery worker. Authorities say she helped a cousin apply for pandemic bailout loans in a multi-state scheme involving phony businesses.

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