In September, a House subcommittee on the coronavirus disaster discovered that billions of dollars in PPP loans could have been diverted to fraud, waste and abuse” by means of lack of oversight from the SBA and the Treasury. We will mechanically post your comment and a link to the information story to your Fb timeline on the similar time it’s posted on MailOnline.
The mortgage recipients vary from Encore Area Options, an East Dundee storage remodeler which obtained a $149,999 loan in April, to a dozen recipients who received $100 or much less, according to the SBA data. There were 36 businesses in Illinois that obtained the maximum $10 million, including the publicly traded Chicago-based restaurant chain Potbelly, which returned its first $10 million loan in April underneath public pressure, however then reapplied in August as demand and scrutiny waned.
JPMorgan Chase was the biggest PPP lender by loan worth, issuing greater than 280,000 loans price greater than $32 billion, the financial institution said. In November, a Washington federal judge ordered the SBA to publish detailed information for all debtors — together with those who obtained loans beneath $150,000 — following a lawsuit introduced by information organizations beneath the Freedom … Read More