Online Lender Gave Hundreds of PPP Loans to Fake Farms; Congress Is Investigating.

By artappraiser on Sat, 07/03/2021 - 1:10am |

By Derek Willis and Lydia DePillis @ ProPublica.org, May 28, 3:30 a.m. EDT

A House committee has opened a probe into loans by Kabbage and other fintech companies after ProPublica reported that millions had gone to businesses that do not exist.

[....] “The illegitimacy of these purported farms — including potato fields in Florida and orange groves in Minnesota — would have been obvious if even the bare minimum of due diligence had been conducted on the loan applications." [....]

URL:

https://www.propublica.org/article/an-online-lender-gave-hundreds-of-ppp-loans-to-fake-farms-now-congress-is-investigating