Regions Bank, a Birmingham, Alabama-based lender, agrees to pay nearly $4.9 million to the federal government to settle allegations involving Paycheck Protection Program (PPP) loan forgiveness, the U.S. Department of Justice says. According to the announcement, the bank sought loan forgiveness from the Small Business Administration for a PPP loan that the government said did not meet program requirements. The DOJ alleges that Regions approved forgiveness despite issues that should have made the loan ineligible under PPP rules. Both outlets report that the settlement resolves the government’s claims that the bank’s actions were improper regarding forgiveness of the particular PPP loan. The agreement is presented as a settlement with the Justice Department, without stating a criminal finding. The reporting focuses on the bank’s alleged role in pursuing forgiveness for an ineligible PPP loan and the settlement payment amount. No additional details about the underlying loan’s circumstances are included in the provided excerpts.
Regions Bank to pay $4.9 million to settle alleged PPP forgiveness fraud claims
Regions Bank, a Birmingham, Alabama-based lender, agrees to pay nearly $4.9 million to the federal government to settle allegations involving Paycheck Protection Program (PPP) loan forgiveness, the U....
- Regions Bank agrees to pay nearly $4.9 million to the federal government to resolve the matter.
- The U.S. Department of Justice announces the settlement.
- The allegations concern PPP loan forgiveness approved or sought by Regions.
- The government says the loan did not qualify under PPP program rules.
- The case involves Regions’ interaction with the Small Business Administration’s PPP forgiveness process.
The Department of Justice said that Birmingham, Alabama-based Regions sought forgiveness from the Small Business Administration for a Paycheck Protection Program loan that the bank should have known did not qualify.
3 months agoRegions Bank has agreed to pay nearly $4.9 million to the federal government to settle allegations that it approved forgiveness of a Paycheck Protection Program loan that the government said did not qualify under program rules, the Justice Department announced.
3 months ago
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