Executives at 'fintechs' made hundreds of millions handing out PPP Covid cash, report says

A couple who founded an Arizona-based financial technology firm in the early days of the pandemic raked in an estimated $120 million in processing fees from handing out billions in Paycheck Protection Program loans even though their company did little to police fraud, according to a congressional report released Thursday. The report from the Select Subcommittee on the Coronavirus Crisis says the “fintech” firm Blueacorn transferred $300 million in profit to its owners but spent less than 1 percent of the fees it collected on fraud prevention, hiring only “one direct employee who assisted with processing PPP loan applications” for the 1.7 million loans it reviewed.-- More...