SBA Loans For Green Dot Debit Cards

If you use a Green Dot debit card, you may be eligible for a small business administration loan. The Small Business Administration (SBA) has been collaborating with federal agencies to combat financial fraud. The Green Dot card is issued by Green Dot Bank, which also issues a variety of debit cards. The scam involved people applying for EIDL loans with stolen or synthetic identities. A recent investigation by the Secret Service’s Orlando, Florida, field office revealed that conspirators were using Green Dot’s third-party payment system to conceal illegal proceeds. The investigation uncovered over 15,000 accounts used in fraudulent transactions.

Green Dot Bank is an FDIC-insured bank. Its products and services are available nationwide through a large “branchless bank” distribution network of more than 100,000 U.S. locations, online, through leading online tax preparation providers, and at retail outlets. Green Dot is headquartered in Pasadena, California, with operations across the United States and Shanghai, China.

Although the SBA has not announced its plans to stop accepting PPP loans, the two largest U.S. banks are preparing for the possibility. JPMorgan Chase and Bank of America have both opened their PPP loan portals, though both initially stated that they would not accept applications for these loans. Meanwhile, Wells Fargo is also accepting expressions of interest and has been given Fed support to continue its lending program. However, if you can’t find a bank to offer PPP loans, try finding an alternative lender.

The Small Business Administration has several other loan programs that offer small businesses and nonprofit organizations some extra capital. Among these is the Economic Injury Disaster Loan program. This program provides funding for businesses that have suffered from the Covid-19 pandemic. While new applications to this program are not accepted, appeals, reconsiderations, and requests for increase are still accepted.