Banks Win Lawsuit Over PPP Fees For Agents

A Florida judge dismissed a proposed class-action lawsuit requiring banks to pay agent fees for the administration of Paycheck Protection Program loans.

Indeed, U.S. District Judge T. Kent Wetherell II issued his ruled on Aug. 17. It stated that banks were not required to make payments to accountants and consultants who helped prepare PPP loan applications without a written agreement.

READ MORE: States with Many Community Banks Distributed More PPP Loans Per Capita

However, the plaintiff, accounting firm Sport & Wheat CPA PA, pushed back. It claimed agents should get some of the processing fees for PPP loans administered under the (CARES) Act. Accountants and Consultants filed more than 50 other similar lawsuits across the country.

"We respect the district court's decision...

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