The mortgage recipients vary from Encore Area Options, an East Dundee garage remodeler which obtained a $149,999 mortgage in April, to a dozen recipients who obtained $one hundred or much less, in response to the SBA data. There have been 36 businesses in Illinois that acquired the maximum $10 million, together with the publicly traded Chicago-based mostly restaurant chain Potbelly, which returned its first $10 million mortgage in April under public pressure, but then reapplied in August as demand and scrutiny waned.
Virtually four,000 companies in Illinois received loans of $1 million or more, adding as much as about $8.67 billion, or about 37% of the entire. Which means about 7% of PPP loans have been forgiven. The Justice Department has charged 88 individuals for alleged PPP mortgage fraud totaling more $250 million nationwide, together with numerous instances with Chicago connections.
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Evanston business owner Rahul … Read More
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