Bank of America Hit With Worker Wage Suit on PPP Loan Processing

Bank of America NA faces new allegations that it failed to properly calculate overtime pay rates for workers who spent long hours processing Paycheck Protection Program loans.

The bank offered multiple types of nondiscretionary incentive pay to loan officers who processed PPP loans, but it didn’t include this additional compensation when calculating overtime wages, according to the complaint filed in the US District Court for the Southern District of New York.

A BofA representative didn’t immediately respond to a Monday request for comment.

The Coronavirus Aid, Relief, and Economic Security Act included funding for loans to keep businesses afloat starting ...