Potential Lawsuit: Banks Violating CARES Act Lawsuit New and Legal Information

Since the CARES Act (also referred to as the Paycheck Protection Act, or “PPP”) rolled out on April 3, 2020, COVID-19-affected small businesses have claimed that banks processed loan applications to benefit themselves, rather than on the “first-come, first-served” basis, as the law requires. Defendants include Bank of America, JP Morgan Chase, U.S. Bank and Wells Fargo, among others.