STORY FROM: COVID-19 Litigation Report
Judge Refuses to Bar Wells Fargo From Requiring PPP Loan Applicants to Have Checking Accounts
May 1, 2020
HOUSTON — A Texas federal judge has refused to temporarily restrain Wells Fargo Bank from requiring small businesses attempting to apply for loans under the CARES Act’s Paycheck Protection Program to have a business checking account with the bank as of Feb. 15.
In an April 29 order, Judge David Hittner of the U.S. District Court for the Southern District of Texas found the plaintiffs failed to show how they would be irreparably injured if not given access to a loan specifically from Wells Fargo.
Further, plaintiffs have not explained why they could not obtain PPP loans through another ...