Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6720131308242239488
#COVID19 #Loans #PPP #Scammers Made #Fintech Companies Their #Lenders of Choice: The government turned to web-based lenders to get money out quickly, without too much paperwork. It turns out scammers found them useful, too. 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 LP analysis of more than 100 loans at the center of the cases shows. The fintech companies arranged just 15% of PPP loans overall.
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