ML-Implode News - JPMorgan, Bank of America, Wells Fargo Sued Over Trump's Paycheck Protection Program

Citing data provided by the Small Business Administration (SBA), the lawsuits allege that JPMorgan Chase, Bank of America, Wells Fargo, and U.S. Bancorp failed to process the PPP applications on a first-come, first-serve basis as required by the program. Instead, they "prioritized loan applications seeking higher loan amounts because processing those applications first generated larger loan origination fees for the banks." The PPP loans are administered by the SBA and processed by banks.
The plaintiffs claim that the banks encouraged them to "act fast" and apply for the loans, concealing from the public that they were "reshuffling the PPP applications" they received "and prioritizing the applications that would make the bank the most money." As a result of their "dishonest and deplorable behavior," the suits describe, "thousands of small businesses that were entitled to loans under the PPP were left with nothing."

Relevant:

JPMorgan, Bank of America, Wells Fargo Sued Over Trump's Paycheck Protection Program