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The loan recipients range from Encore Space Solutions, an East Dundee garage remodeler which obtained a $149,999 loan in April, to a dozen recipients who received $100 or much less, based on the SBA knowledge. There have been 36 companies in Illinois that obtained the utmost $10 million, together with 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.
Almost 4,000 companies in Illinois acquired loans of $1 million or more, adding as much as about $8.sixty seven billion, or about 37% of the entire. Which means about 7% of PPP loans have been forgiven. The Justice Division has charged 88 individuals for alleged PPP mortgage fraud totaling more $250 million nationwide, including plenty of cases with Chicago connections.
The new information exhibits that whereas the majority of Illinois borrowers obtained smaller loans — about 88% were for less than $150,000 — the lion’s share of the funds went to the largest borrowers. Among the many more high profile, former Chicago Bears extensive receiver Josh Bellamy was one in every of 11 folks arrested in September and charged in a Florida federal court docket for allegedly in search of more than $24 million in fraudulent loans.
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