Challenge To BofA’s Gating Policy On SBA Paycheck Protection Program Pending Before The 4th Circuit

LexisNexis (May 18, 2020, 11:56 AM EDT) -- Bank of America successfully defeated a series of judicial maneuvers by a putative class of small businesses. The plaintiffs seek an order mandating the bank to open its lending doors under the Payroll Protection Program of the CARES Act to small businesses who lack preexisting depository and credit borrowing relationships with BofA. Significantly, the Maryland federal district declined to read a private right of action into the CARES Act. An appeal is pending before the United States Court of Appeals for the Fourth Circuit....