Lawsuit Challenges B of A’s Gating Policy
On April 7, four small business clients of Bank of America filed a lawsuit in the U.S. District Court for the District of Maryland challenging Bank of America’s gating policy that restricts customers’ eligibility to apply with the bank for a loan under the $349 billion Paycheck Protection Program. The program, which opened about a week ago, is part of the $2.2 trillion CARES Act passed by Congress and offers federally-backed loans of up to $10 million to employers with fewer than 500 workers to help with payroll and other expenses during the COVID-19 pandemic.
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Last Updated on April 13, 2020 by Ramin Seddiq