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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The new knowledge reveals that whereas the majority of Illinois debtors obtained smaller loans — about 88% had been for less than $150,000 — the lion’s share of the funds went to the largest debtors. Among the many more high profile, former Chicago Bears large receiver Josh Bellamy was one in all 11 people arrested in September and charged in a Florida federal courtroom for allegedly seeking greater than $24 million in fraudulent loans.
The brand new checklist includes the names and addresses of nearly 194,000 Illinois small businesses, sole proprietorships and nonprofits that obtained PPP loans of lower than $150,000. Multiple-third of the proceeds Illinois companies and nonprofits obtained by means of the federal Paycheck Protection Program went to less than 2% of the state’s borrowers, in line with information released late Tuesday by the Small Business Administration.
If you know that you can find great offers on rental vehicles, resort fares, or airline fares, then you can start your online journey planner enterprise. In between, the smaller PPP mortgage recipients embrace a plethora of restaurants, legal professionals, dentists, auto restore outlets and hair stylists, amongst different diverse companies. Some local tv information stations host exhibits designed to assist shoppers resolve problems with a business.