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Friday, March 29, 2024

Small business owners sue Bank of America, claim its denying them access to coronavirus relief money

Credit: ABC 2 News WMAR
Duration: 03:07s 0 shares 1 views

Small business owners sue Bank of America, claim its denying them access to coronavirus relief money
Small business owners sue Bank of America, claim its denying them access to coronavirus relief money

A class action lawsuit has been filed in Baltimore against Bank of America, alleging the bank is unlawfully placing restrictions on coronavirus relief money intended for small business owners impacted by the coronavirus.

STRUGGLING BECAUSE OF THEOUTBREAK, ARE NOW SUING BANKOF AMERICA.

THEY SAY THE BANKDENIED THEM ACCESS TOCORONAVIRUS RELIEF MONEYAPPROVED BY CONGRESS.

WMA━2NEWS RAY STRICKLAND IS LIVE ATBANK OF AMERICA IN TOWSON ANDRAY YOU SPOKE TO AN OWNER WHOBELIEVES SHE WAS UNFAIRLYDISQUALIFIED FOR AN EMERGENCYLOAN.YES, SHE IS ONE OF TWOPLAINTIFFS APART OF THAT CLASSACTION LAWSUIT AGAINST BANK OFAMERICA THE LAWSUIT ALLEGESTHE BANK UNLAWFULLY PUTRESTRICTIONS ON THE LOANSOUTLINED IN CONGRESS'SSTIMULUS PACKAGE WHICH ISCUTTING OUT COUNTLESS BUSINESSOWNERS LIKE YOUNG FROM MONEYTHEY DESPERATELY NEED.“Itto us” Yasmine Young owns theDiaspora hair salon inBaltimore.“Right now ourincome is at zero, so we areoperating under are savings”A once thriving business nowhurting because of thecoronavirus.“I felt like Iwas on a cliff and somebodywas coming to rescue me”Thatwhen she learned Congresspassed legislation, providingrelief for small businesseshurting due to thecoronavirus.

The CARES Act2.2 trillion dollar stimuluspackagedollars to help smallbusinesses owners, which aredescribed as businesses withless than 500 employees.

THEMONEY IS TO HELP THEM stayafloat during the pandemic.The banks were directed toloan out the money which wasbacked by the federalgovernment.

Thinking she wasgood to go, Young applied forthe loan through her bank&Bankof America but she found thebank had requirements of itsown.

Telling her and othersmall business owners in orderto get the loan, they have tohave an account with them andno lending history with anyother bank.

Young has anaccount but a credit card withanother lender.

THE BANK SAYTHAT disqualified HER and cuther off from nearly 30,000dollars that could have paidher rent, utilities, herselfand her employee.“i felthurt” Young and anotherBaltimore business ARE apartof a class action lawsuit thatwas filed in U.S districtcourt friday, claiming thebank is unlawfully puttingrestrictions on the loans byprioritizing itcustomers over everyone else."Congress wanted this open toeveryone” Baltimore attorneyAlan Rifkin is representingYoung in the lawsuit.“so manysmall businesses who gotdenied on Friday, and thatnever should have been deniedthe right to apply, when theydidm they closed their doors,they fired their employees."The lawsuit is asking a judgeto lift the restrictions soYoung and other businessowners can get the money theyso desperately need.“Itbeen devastating to thebusiness community andwrongfully so”NOW SO FAR, MORE THAN 200,00SMALL BUSINESS OWNERS HAVEAPPLIED FOR SMALL BUSINESSLOANS ASKING FOR A TOTAL OFMORE THAN 30 BILLION DOLLARSWE REACHED OUT TO BANK OFAMERICA TO GET A COMMENT ONTHIS ISSUE, BUT I WAS TOLD THEBANK WILL NOT COMMENT ONPENDING LITIGATION LIVE INTOWSON RAY STRICKLAND WMA━2NEWSWE TOLD YOU FRIDAY NIGH

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