Small businesses file class-action suit against JPMorgan Chase

Two California companies filed a class-action lawsuit against JPMorgan Chase for allegedly engaging in unfair business practices toward some small businesses that applied for loans through the Paycheck Protection Program.

The companies, a cybersecurity firm and event planning business, allege Chase Bank prioritized small-business borrowers that were seeking larger loan amounts rather than processing the coronavirus relief funds on a first-come, first-served basis as advertised.

The lawsuit alleges Chase and other banks engaged in the practices to collect larger processing fees.

Read more from USA Today.