STORY FROM: MDL Mass Tort & Class Action Monitor
Small Business Accuses JPMorgan Chase, Ruth’s Chris of Abusing CARES Act Loan Program
April 28, 2020
CHICAGO — A federal class action complaint accuses JPMorgan Chase Bank, of putting its “established and better-heeled clients” first when processing applications for forgivable loans under the CARES Act Paycheck Protection Program, leaving smaller businesses in the cold.
In an April 24 complaint filed in the U.S. District Court for the Northern District of Illinois, plaintiff Sha-Poppin Gourmet Popcorn LLC says Chase provided special assistance to defendants Ruth’s Chris Steak House, Phunware Inc. and other national operations “to make sure their loan applications were submitted quickly and accurately, without a hitch.”
Smaller businesses had to try to submit an ...