Credit: Vitalii Vodolazskyi/Adobe Stock Federal Judge Allows Gaming Company's Suit Against Bank Over Missed $977K PPP Loan to Proceed
The dispute between Ironworks Development and Truist centers on claims that in 2021 the bank didn't properly process its application for a second-round PPP loan, causing it not to collect a $976,896.24 loan that under the program's terms would likely have been forgiven.
November 19, 2022 at 10:05 AM
4 minute read
A Virginia federal judge has allowed a breach-of-contract lawsuit to go forward against Truist Bank based on a gaming company's allegations that the bank intentionally caused it to miss out a nearly $1 million Paycheck Protection Program loan from the federal government during the pandemic.
The dispute between Ironworks Development, a gaming design and manufacturing company based in Charlottesville, Virginia, and Truist, centers on Ironworks claims that in 2021 the bank didn't properly process its application for a second-round PPP loan, causing it not to collect a $976,896.24 loan that under the program's terms would likely have been forgiven, according to the judges's opinion.
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