The loan recipients vary from Encore Area Options, an East Dundee garage remodeler which obtained a $149,999 loan in April, to a dozen recipients who obtained $a hundred or much less, in keeping with the SBA data. There have been 36 companies in Illinois that acquired the maximum $10 million, together with the publicly traded Chicago-based restaurant chain Potbelly, which returned its first $10 million loan in April beneath public strain, but then reapplied in August as demand and scrutiny waned.
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The SBA beforehand launched the names of greater than 650,000 companies nationwide that obtained PPP loans between $150,000 and $10 million — the utmost allowed beneath this system — but didn’t disclose the precise mortgage quantities for bigger borrowers or the identities of those who acquired smaller amounts. People who don’t have time to attend full-time lessons have … Read More
Nearly four,000 companies in Illinois received loans of $1 million or extra, adding up to about $8.67 billion, or about 37% of the entire. Meaning about 7% of PPP loans have been forgiven. The Justice Department has charged 88 folks for alleged PPP loan fraud totaling extra $250 million nationwide, including a number of circumstances with Chicago connections.
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The mortgage recipients vary from Encore Space Options, an East Dundee storage remodeler which obtained a $149,999 mortgage in April, to a dozen recipients who obtained $a hundred or less, in line with the SBA information. There have been 36 businesses in Illinois that received the maximum $10 million, including the publicly traded Chicago-based mostly restaurant chain Potbelly, which returned its first $10 million mortgage in April underneath public pressure, but then reapplied in August as demand and scrutiny waned.
Right this moment, small businesses haven’t got the time or means to arrange and handle their bookkeeping methods. One wrinkle within the forgiveness course of is a ruling last month by the IRS that businesses can’t take frequent deductions for expenses equivalent to payroll and hire if they’re paid for with proceeds from PPP loans quite than regular income.
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