![]() ![]() ![]() 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. I also got screwed over by blue acorn and prestimos. 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. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.Īs a matter of policy, BBB does not endorse any product, service or business.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. BBB Business Profiles are subject to change at any time. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.īBB Business Profiles generally cover a three-year reporting period. ![]() However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. BBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment. ![]()
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