Ten California businesses, including two law firms, filed class actions alleging major banks such as Wells Fargo & Co. and Bank of America prioritized larger loan applicants as part of the federal $349 billion COVID-19 emergency relief program.
The Paycheck Protection Program, launched April 3 as part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act, or CARES Act, provides loans designed to fund more than two months of payroll expenses to small businesses.
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