It is important to safeguard small businesses from being taken advantage of by the big banks who are refusing to pay out congressionally mandated agent fees. By all measures, the CARES Act and its Paycheck Protection Program ("PPP") have been great successes. Both...

CHARLOTTE, N.C. (WBTV) - A Charlotte accounting firm filed a class-action lawsuit against some of the country’s biggest banks, including Bank of America. They claim, that after helping small businesses apply for PPP loans, the banks are refusing to pay their fees....

Fees Due to PPP Lenders and Agents The Department of Treasury’s PPP Information Sheet details the amounts that PPP lenders will receive from the government as processing fees. The Treasury’s guidance provides that the SBA will pay the following processing fees for PPP...

Banks are grabbing a couple of billion that was meant for accountants and others who helped business people sort out the complexity of the Paycheck Protection Program. I spoke with Michael Adler of GrayLaw Group, Inc who has started the ball rolling on a class action law suit..

GibberishThe country’s largest banks are being sued for allegedly failing to pay as much as $3.8 billion in required fees in connection with the Small Business Administration’s Paycheck Protection Program.

About $659 billion in forgivable loans will be issued through the PPP program and banks are set to receive a processing fee of 1-5 percent based on the size of the loan. The suit alleges that the program also includes compensation of 0.25-1 percent for agents, such as attorneys, accountants, brokers, and consultants and the lenders are refusing to pay up.

As part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act, or CARES Act, $350 billion is allocated to Paycheck Protection Program that acts as a loan and optionally, a forgivable grant for businesses with 500 or fewer employees (“PPP Loan”). The PPP...

The U.S. Department of Labor (“DOL”) has issued guidance, FAQs and a poster to assist employers implementing the Families First Coronavirus Response Act (“FFCRA”). The FFCRA provides for paid sick leave (“Sick Leave”) under the Emergency Paid Sick Leave Act (“Sick...

To our valued clients: We live in extraordinary times that are rapidly evolving. We also live in litigious times, and therefore, the attorneys at GrayLaw Group, Inc. remain available to help you navigate challenging disruptions that may arise. We are monitoring the...