Is it ok to take 100% of funds for payroll if sole proprietor? Meaning pay myself from one bank account to another.

I applied and made some mistakes on the form (and sent in the wrong document as well). They did a good job of contacting me via email and text letting me know what was wrong and how to fix it. The whole process was pretty smooth.

Please send me an email at [email protected] and let me take a look.

Bst,

Matt

Great to have Matt on our side!

Blueacorn seems to be a bit overwhelmed at the moment. I'm almost 2 weeks into the process and still waiting on Docusign.

I suggest you search your inbox and spam folder for emails coming from:
[email protected] and [email protected]

If you do not find anything, immediately write to: [email protected], and cc [email protected], and let them know.

Good luck!

I got a response over the weekend that the loan doc system was impacted due to volume and to expect delays.

you can request PPP loan through lots of places, paypal, bank of america, I used bank of america since I have accounts there. I have got both first and second draws.

Really? How long did you wait to apply for the second once receiving your first?

it took 3 or 4 days after applying to get the doc to sign, 1 minute after signing it was in my account...it was quick

1 minute after signing the documents, you found the money in your account?

They must of been inside your banks lobby with cash in hand for you.

I went through bank of america for it since thats where my business account is and I use ADP payroll services for payroll, doing the loan was just clicking a few links since all my info is already in the system. I think they were trying to get the money out as quick as possible and signing the doc triggered the release of the funds. it was alot faster then the first time.

Thank you for the explanation. It makes sense now.

It serves as a friendly reminder that we have other options available for the funds.

Mine is in motion and should arrive sometime this year. I'm kinda sorta okay with it, as I consider it found money.

Signed the docs...nothing in my account yet. :(

Once I signed the loan documents, a scripted message came stating the funding into my account would be within 1-3 business days.

It arrived on the 10 th business day. While I don't clearly understand the BTS process, I suspect that this company BlueAcorn,or its partner bank, basically ran out of money. Most likely, the SBA transfers funds in large batches, and the local bank didn't have any to advance themselves.

SBA Funds
 

The bank didn't run out of money but the Federal reserve system has been slow on certain days with PPP payments moving slower than expected.
We don't always get reasons, but once you get an SBA approved number the funds are being held for you.

It appears to be primarily Blue Acorn that's having issues from what I can tell. I was SBA approved with them on 4/4 and I still haven't received anything. Meanwhile others that have applied via other companies after me are seeing a roughly 7 business day turnaround time. The biggest problem for me is that they haven't been transparent and just left those of us that applied through them hanging without any communication.

I ended up getting funded. Thank you, Matt and Blue Acorn. Just need to be a little patient...

I applied and was approved earlier than that. Still nothing. Just get "processing" status emails every day or two.

Can you please email me with your info so I can take a look.
[email protected]

Just wanted to mention once I took quality pics of my docs the money landed shortly after. Can't complain about free money, it's like Santa came early.

Info sent. I applied in March. Thanks

Since it doesn't amount to even 1% of what I've given the gov in taxes in my lifetime I wouldn't call it free. More like a well deserved distribution during a time of crisis.

Get yourself a good accountant and stop giving the government your money

Why would I give them my banks username and password????

Applied back in March and have been approved for over a month now and still haven't been funded yet.

I'm in the same situation. On April 7th got an email and text message that said all was approved and funding would be 7-10 days. Still not there.

I would write their representative here, and cc support, giving them notice, demanding a non scripted response explaining in detail where exactly is the money now owed you. If they fail to satisfy you, search up the records for both FinCap, Inc an Wyoming Corporation / Blue Acorn PPP, LLC a Delaware LLC.

Write them, giving them 3 business days to fund the approved loan, otherwise, you will file complaints with various government agencies that regulate their activity, including the SBA who they are authorized to work with as a Lender Service Provider, and you will share you negative experience with Blue Accorn and FinCap, on multiple social media platforms, suggesting/warning people to stay away, and choose another company.

I didn't, and it might not have been a request for my username and password for bank details, could have been another login all together and it just confused me. What I can say is thousands landed in my bank account and I made sure that at least 60% went to payroll to hopefully be a forgiven loan.

I used the other option to enter bank details which was routing and account number which is standard. I forget why it didn't work at first, I got it to work after, I think it was a simple refresh of window.

It's actually impossible to reach anyone there. They don't have a phone number or an actual contact email. They have a support chat and ticket system but it's all outsourced to a call center in the Philippines and they're also just as clueless. They told me to "hope and pray that it comes this week" lol.

I did contact the SBA and they said everything looks fine with my application and Blueacorn was required to fund within 10 days of being approved. They also commented that they were also receiving complaints and their office in DC was investigating.

I've been waiting since the end of March. No updates or anything.

To all that is reading this thread, my suggestion is as follows:

Find each other on this forum, and another other site that either Blue Acorn or FinCap is posting. Look on the various complaint/ review sites for others that also may be a potential victim.

It is quite possible, this is another iBill, ePassporte "money is in motion" happening.

In the form of an attessment, write out a brief outline of events and as supporting evidence attach the screenshots, emails, etc. All of you need to individually get in touch by email and post with the SBA (Federal) and the State agency responsible for allowing BlueAcorn and FinCap to operate locally. Start submitting your complaints.

Second, the registered agent (entity accepting legal notices) for FinCap is:

LEGALINC CORPORATE SERVICES INC.
5830 E 2nd St Ste 8
Casper, WY 82609 USA

Do a little digging online you will find all the information you need for BlueAcorn as well.

Don't forget to start warning other consumers that there is a high possibly that they will be victims also. Post your stories online, and keyword stuff the company information in the hopes your complaints appear relevant in the index results.

Good luck!


PS. Check out BBB:
https://www.bbb.org/us/az/scottsdale...stomer-reviews

Thanks. Unfortunately the PPP source has been exhausted, so there's no way to apply for a loan with another bank now. Though I guess that saves others from having to deal with these guys.

In my experience the BBB is wholly ineffective. Let's see if the SBA is any better.

Reference to the BBB was to show that there was a long list of complaints, which can be shown to the SBA and State agency responsible for allowing BlueAcorn and FinCap to act as a facilitator/loan processor.

I'm glad the FSC has been working with those of us in the adult industry on helping them get their PPP money!

Kelli, I agree this was great for those who took advantage of the opportunity to get the PPP.

Unfortunately, the FSC needs to look into the complaints, to see for themselves, who they are now associated with. It appears that BlueAcorn and it's partner has received the funds from the SBA, but failed or decided not to forward it to it's true beneficiary.

The negatives experiences posted here, are in line with the numerous complaints about posted to the BBB site.

This was the email I used originally and received a reply very quickly.

How nice for you. My last 3 emails to that address did not receive replies.

CDFIs are still accepting applications. If blueacorn doesn't come up with anything by Friday I'm just gonna withdraw and try applying again locally at a lender in my city.

Good luck. Let us know how you do. I went to my local lender and a competitor and both told me the funds from the government were exhausted in early May.