BofA deceived Small Cos. on PPP loan forgiveness, according to a suit

By Katryna Perera (August 23, 2022, 4:29 p.m. EDT) — Bank of America has been hit by a proposed class action lawsuit accusing it of misleading small businesses about the Paycheck Protection Program, which forced these companies to pay for thousands of dollars when their pandemic-era loans were later deemed ineligible for forgiveness.

Modern Perfection LLC, a Maryland-based home improvement company, and Fruitful Bear LLC, a Washington-based home improvement company, filed their lawsuit Monday in federal court in Maryland on behalf of U.S. borrowers who received a loan PPP from Bank of America but were refused. loan forgiveness because they used the loan proceeds to pay the so-called 1099 workers, or because…

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