It is illegal for banks to discriminate based on race when lending money. Nonetheless, banks have a long and well-documented history of discriminating against minority-owned businesses in lending.

In 2020, the federal government passed the CARES Act, which contained the Paycheck Protection Program (PPP). The PPP is a government loan designed to provide financial assistance for all small businesses to keep their employees on the payroll. The federal government used private banks, such as Chase, Wells Fargo, and others, to deliver this money to small businesses. Sadly, many banks have illegally catered to their existing, wealthy and often white clients, instead of ensuring that minority applicants get a fair shake.

Loevy & Loevy has a long history of fighting racial discrimination and ferreting out corruption in big corporations. If you or someone you know believes they have been discriminated against when applying for a loan under the PPP, we want to hear from you. Please fill out the following:

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    Disclaimer: The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship.

    Loevy Blog

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