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The new checklist includes the names and addresses of practically 194,000 Illinois small businesses, sole proprietorships and nonprofits that acquired PPP loans of lower than $a hundred and fifty,000. More than one-third of the proceeds Illinois companies and nonprofits obtained by way of the federal Paycheck Safety Program went to less than 2% of the state’s borrowers, in keeping with data launched late Tuesday by the Small Business Administration.
If you are brilliant tech-savvy, then chances are you’ll suppose this as one of the best companies to start out in 2020. Bill Phelan, co-founder and senior vp of PayNet, a Skokie-primarily based firm that tracks small enterprise business lending for the credit score industry, tasks that about 5% of PPP loans, or roughly $26 billion, might in the end prove fraudulent.
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The dip in Avon Rubber’s stock value on Wednesday comes amid the news that the U.K. has licensed a Covid-19 vaccine for emergency use, and will mark a shift in investor sentiment toward cyclical shares as an economic recovery appears more imminent. Launched in April on the onset of the COVID-19 pandemic, the PPP offered businesses with fewer than 500 employees forgivable loans of as much as $10 million, if 60% of the cash went towards payroll.