Bank of America COVID-19 Loan Lawyers

Bank of America COVID-19 Loan Investigation by Webster Book LLP.

(April 15, 2019, Alexandria, Virginia) Webster Book LLP is conducting an investigation into Bank of America COVID-19 loan practices. If you believe you were denied a loan from Bank of America or were prohibited from applying for one because you had accounts or loans with other financial institutions, you may wish to consult a lawyer to determine if you are entitled to compensation.

What are the issues with Bank of America COVID-19 Loan practices?

Bank of America’s COVID-19 loan program appears to be discriminating against potential borrowers who have accounts or loans with other financial institutions. A class action has been filed challenging this practice.

What does the Bank of America COVID-19 Loan class action say?

The Bank of America COVID-19 Loan class action alleges that Bank of America’s practice of refusing applications from potential borrowers who have accounts or loans with other financial institutions is unlawful:

Authorized by Congress and the President under the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748 (“CARES Act”) and its loan programs to administer billions of dollars in federal funding to small businesses in a fair, equitable and uniform manner, Defendants initially implemented a loan process that unlawfully prioritized their existing borrowing clients by barring their depository clients and other small businesses from even applying for funds from the governmental loan programs.

Following the filing of the Class Action Complaint, [Bank of America] revised its policy on April 4, 2020, by allowing depository-only clients to apply for PPP loans but imposed an additional illegal requirement – that depository-only clients must have no credit card or loan with any other bank.

[Bank of America] has no legal authority under the CARES Act to deny access to, restrict or otherwise impede the access of small businesses to these critically important business-saving funds. And, the priority of access to these limited “first come, first served” funds is material – the demand is overwhelming as America responds to the economic tsunami of COVID-19 upon small businesses.

What action can I take if my loan application was refused?

Webster Book LLP offers a free consultation for these matters. If you would like to examine whether you have a claim against Bank of America, please fill out the form below or call us at 888-987-9991.

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Bank of America COVID-19 Loan Inquiry

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