Regions Bank to Pay Nearly $5M to DOJ in Case Involving a COVID-19 Relief Loan Program

Regions Bank has agreed to pay a $4.9 million settlement to the Department of Justice in a case involving a COVID-19 relief loan program.

According to the DOJ, Regions was alleged to have forgiven a customer’s Paycheck Protection Program (PPP) loan, despite the fact that the PPP loan was not eligible for forgiveness. Congress created the PPP in March 2020 to provide federally guaranteed loans to small businesses impacted by the COVID-19 pandemic shutdown.

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