Credit: Vitalii Vodolazskyi/Adobe Stock Judge: Approved Applicants Have Standing to Sue Over PPP Loans They Allegedly Never Received
The plaintiffs have alleged that they applied, through Prestamos, for PPP loans under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) but never received the proceeds.
April 05, 2023 at 06:01 PM
6 minute read
A federal judge in Pennsylvania has allowed breach-of-contract claims to proceed against a lender over allegedly undistributed Paycheck Protection Program loans.
In a March 30 opinion, U.S. District Judge John M. Gallagher of the Eastern District of Pennsylvania concluded that the plaintiffs, sole proprietors in numerous states, had standing to bring breach-of-contract claims against defendant Prestamos CDFI.
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