STORY FROM: COVID-19 Litigation Report
Miami Restaurant Sues Wells Fargo for Freezing PPP Loan Proceeds
September 9, 2020
MIAMI — A Miami restaurant accused Wells Fargo Bank of freezing its bank account and barring it from accessing $450,000 in Paycheck Protection Program (PPP) loan proceeds that it had planned to use to pay its creditors.
According to the Sept. 7 complaint filed in the U.S. District Court for the Southern District of Florida, Griot 305 argues that by freezing the account, the bank has “intentionally interfered with and crippled” the restaurant’s compliance with its contractual obligation to repay the loan and to pay its employees and creditors.’’
The PPP is a $350 billion loan program created by the ...