Last Updated
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.