PPP Lawsuits Allege Banks Favored Larger Customers, A Second Round Of Funding Likely [Forbes]
JP Morgan Chase & Co. (JPM)
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Source: Forbes
GettyA class of plaintiffs sued Wells FargoWFCRound 1 PPP applicationsBACJPMThe PPP Loan Initiative and the Potential Second Round of FundingPaycheck Protection Programthe “CARES Act”Sounds pretty good? Indeed, it’s good work if you can get it. The problem is, many could not. Many applicantsdid not receive funds in the first roundsecond round of appropriationsInterestingly, the rollout of a second round could provide some fodder for the pending lawsuits. For example, if the banks deliberately change their approach in Round 2, does that imply some recognition of wrongdoing in the first round? Certainly, the lawsuit plaintiffs will argue that it does. But if banks do not change, they will likely face increased PR pressures and—if the public outcry continues—potential congressional inquiries. Banks will be weighing the lesser of two evils.The Wells Fargo LawsuitIn the class-action complaint, the plaintiffs allege that the bank “prioritized [PPP] applications seeking higher loan am
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