Fountainhead wins wrongful class action lawsuit – QNT Press Release

Orlando, Florida, November 30, 2021 (Global News Agency)- SourceIt is a national non-bank lending institution for small and medium-sized enterprises approved by the U.S. Small Business Administration and today announced that it won the lawsuit filed by Elizabeth M. Byrnes, Inc.

In May 2020, the Los Angeles company filed a lawsuit accusing Fountainhead of fast-tracking its most profitable Payroll Protection Program (PPP) loan application and ignoring microloans until the loan program runs out. The company also tried to file a claim on behalf of a class of companies in similar situations.

Fountainhead firmly believes that the lawsuit is groundless – especially because more than 93% of Fountainhead’s first round of PPP borrowers fall into the smallest loan size category under the Coronavirus Assistance, Relief, and Economic Security (CARES) Act, and Fountainhead 2021 More than 98% of PPP borrowers belong to this category of borrowers in…

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