Bank of America has turned to a team from Williams & Connolly to fight a court action that it says would threaten the federal government’s $349 billion relief program in which small businesses receive loans to stay afloat during the COVID-19 outbreak.
The filing, made Thursday, opposes a motion for a temporary restraining order in a class action alleging Bank of America limited its loans under the Paycheck Protection Program to applicants that don’t have lending relationships with other banks. The program, launched April 3 to protect payroll expenses for two months, is part of the $2 trillion stimulus package called the Coronavirus Aid, Relief and Economic Security Act, or CARES Act.
