CPAs Accuse Banks of Pocketing Finder’s Fees on PPP Loans

Cincinnati CPA David Lowry transformed his small firm overnight to help his clients apply for emergency loans available through a federal Covid-19 relief program, preparing 27 of them worth $4.5 million in the span of a few weeks.

For his efforts, federal guidance says he was entitled to as much as a 1% commission from lenders, something that he said was “very clear.” But that didn’t happen—not for him, not for many other CPA firms across the country—who are still waiting to be paid.

In dozens of lawsuits that have been filed over the last three months, accountants along with ...