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News BusinessThe 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.

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Nearly four,000 businesses in Illinois obtained loans of $1 million or more, adding up to about $8.67 billion, or about 37% of the total. That means about 7% of PPP loans have been forgiven. The Justice Department has charged 88 folks for alleged PPP loan fraud totaling more $250 million nationwide, together with numerous circumstances with Chicago connections.

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In case you are sensible tech-savvy, then you may think this as among the finest companies to start in 2020. Invoice Phelan, co-founder and senior vice chairman of PayNet, a Skokie-based mostly firm that tracks small enterprise business lending for the credit score business, initiatives that about 5% of PPP loans, or roughly $26 billion, may ultimately prove fraudulent.