Federal Trade Commission v. Biz2Credit, Inc., and Itria Ventures LLC (Case Status: Pending, Last Updated March 21, 2024)
Summary
Case page titled Biz2Credit, Inc., FTC v. describing a federal action by the Federal Trade Commission against Biz2Credit, Inc., a Delaware corporation, and Itria Ventures LLC, a Delaware limited liability company, as defendants. It says the defendants agreed to pay $33 million to settle charges that they advertised an average processing time of 10-14 business days for emergency PPP loan applications, while the real average was well over a month and tens of thousands of consumers waited more than two months for a final determination. It lists a stipulated order for permanent injunction and monetary judgment dated March 21, 2024, and links a press release citing record $59 million in damages.
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Cite this document
“Federal Trade Commission v. Biz2Credit, Inc., and Itria Ventures LLC (Case Status: Pending, Last Updated March 21, 2024).”
Original at www.ftc.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/biz2credit-inc-ftc-v-c312ac752f6aafd1-be2de1054b/
, SHA-256 7d5dc10449fd76a4b933988ef08885799f952e79bf981bec648c2a8f5a71a419.Full text
Biz2Credit, Inc., FTC v. Tags: Last Updated March 21, 2024 Case Status Pending FEDERAL TRADE COMMISSION, Plaintiff, v. BIZ2CREDIT, INC., a Delaware corporation, and ITRIA VENTURES LLC, a Delaware limited liability company, Defendants Civil Action Number 24-cv-2001 Federal Court Southern District of New York Case Summary Biz2Credit, Inc., and its subsidiary, Itria Ventures , have agreed to pay $33 million in damages to settle the Federal Trade Commission’s charges that they deceptively advertised that consumers’ emergency PPP loan applications would be processed in an average of 10-14 business days when, in reality, the average processing took well over a month. The FTC’s complaint that Biz2Credit’s application processing was riddled with delays, and the average processing time was double what the defendants claimed, with tens of thousands of consumers waiting more than two months for a final determination. Even though they were aware of these delays, the defendants continued to make their false timing claims to consumers until nearly the end of the program. Case Timeline March 21, 2024 File Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (673.14 KB) March 18, 2024 File Complaint For Permanent Injunction, Monetary Judgment, and Other Relief (803.07 KB) File Proposed Stipulated Order For Permanent Injunction, Monetary Judgment, and Other Relief (413.21 KB) PRESS RELEASE: FTC Actions Against Companies Making Deceptive Pandemic Loan Promises Lead to Record $59 Million in Damages
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- biz2credit-inc-ftc-v_c312ac752f6aafd1.html
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- SHA-256
- 7d5dc10449fd76a4b933988ef08885799f952e79bf981bec648c2a8f5a71a419
- Original
- www.ftc.gov