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Amicus Brief in Paycheck Protection Program Case (20-1438)

WASHINGTON - April 27, 2020 - PRLog -- The U.S. Court of Appeals for the Fourth Circuit today posted a "Friend of the Court" brief filed by William Michael Cunningham in Profiles, Inc. v. Bank of America Corporation. The case, 20-cv-1438, requests an injunction to stop Bank of America from limiting Paycheck Protection Program (PPP) applications. According to news reports, "Bank of America initially would only accept paycheck protection loan applications from small business clients that were active borrowers at the bank."

Our brief explains why the bank would impose such restrictive and limiting conditions on the allocation of public funds in the middle of a national crisis. We include data from our new national survey of small businesses launched on Thursday, April 23rd  on the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Program. The survey is intended to get a true picture of how effective the lending programs have bee…