5th Circuit: PPP Applicant Timely Notified By Lender As To Depletion Of Funds

(October 15, 2024, 1:28 PM EDT) -- NEW ORLEANS — A panel of the Fifth Circuit U.S. Court of Appeals affirmed a judgment of a Louisiana federal court dismissing the amended complaint of a Paycheck Protection Program (PPP) applicant alleging that its lender bank violated the Equal Credit Opportunity Act (ECOA) in failing to update the applicant as to the status of its loan within the legally required notice period, during which PPP loan funds had been exhausted, thereby denying the applicant of PPP benefits....