DOJ - U.S. Department of Justice

Regions Bank to Pay $4.9M Over Improper PPP Loan Forgiveness Regions Bank, based in Birmingham, Alabama, has agreed to pay $4,919,631 to settle allegations that it improperly received payments from the U.S. government. The bank allegedly approved forgiveness for a Paycheck Protection Program (PPP) loan that was not eligible for such forgiveness. The PPP, part of the CARES Act established in March 2020, aimed to help small businesses during the COVID-19 pandemic. The U.S. Department of Justice coordinated with various agencies to resolve the issue. The settlement addresses allegations only, with no determination of liability.