Payday Lender Sues SBA for Denying Application for PPP COVID-19 Loan
April 29, 2020
WASHINGTON, D.C. — A payday lender has sued the Small Business Administration, seeking to overturn its rule preventing “financial businesses primarily engaged in the business of lending” from obtaining Paycheck Protection Program loans.
In an April 25 complaint filed in the U.S. District Court for the District of Columbia, Payday Loan LLC d/b/a Payday Money Centers says it “is not immune from the financial hardships that COVID-19 has inflicted” and will suffer severe economic injury absent judicial intervention.
“In substantial part based on the hope and expectation that Payday Loan could receive a PPP loan, it has largely resisted employee …
- Ballard Spahr