Chase and other banks shuffled Paycheck Protection Program small business applications, lawsuit says

In the suit filed on Sunday, a cybersecurity firm and event planning company accused Chase Bank of prioritizing small business borrowers who were seeking larger loan amounts rather than processing the government-sponsored loan applications on a first-come, first-served basis as advertised. 

The move meant that Chase and other banks would collect larger processing fees – nearly $6 billion in total – by frontloading the queue with businesses seeking higher loans, according to the lawsuit.

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