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.
JPMorgan Chase was the largest PPP lender by mortgage value, issuing greater than 280,000 loans value greater than $32 billion, the bank stated. In November, a Washington federal decide ordered the SBA to publish detailed info for all borrowers — together with those that obtained loans under $150,000 — following a lawsuit introduced by news organizations below the Freedom of Data Act.
The new information reveals that while the vast majority of Illinois borrowers bought smaller loans — about 88% had been for lower than $150,000 — the lion’s share of the funds went to the biggest borrowers. Among the more high profile, former Chicago Bears large receiver Josh Bellamy was one in every of 11 folks arrested in September and charged in a Florida federal court docket for allegedly looking for more than $24 million in fraudulent loans.
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