AmEx acquisition of online lender Kabbage hurt PPP borrowers


Close-up of logo for finance company Kabbage on paper on a light wooden surface, June 13, 2019.

Smith Collection/Gado | Archive Photos | Getty Images

When the pandemic shut down Dawn Lindsay’s family carpet cleaning business last year, the U.S. government’s paycheck protection program provided a brief but essential lifeline. To get her $7,500 PPP loan, Lindsay turned to online lender Kabbage, a service recommended by her accountant.

Lindsay, who runs the company with her husband, Todd, said the process was smooth and easy. But the second round of PPP funding, which the Small Business Administration opened up in January amid the ongoing economic crisis, has been a nightmare. That’s because…


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