FAQ: Who Received Ppp Loans In Illinois?

How do you find out who received PPP loans?

You can search data at FederalPay.org to learn which companies received PPP loans. You can narrow your search by industry, location, or company name.

Are recipients of PPP loans public record?

Why is this data publicly available? The PPP is an emergency loan program administered by the Small Business Administration. Historically, information on all loans issued by the SBA is publicly available information and subject to release under the Freedom of Information Act.

Can I find out if my employer get a PPP loan?

Q: How can I find out if my employer has applied for or received a PPP loan? In most cases, employers will notify their workers if they receive PPP funds because they will need to call them back to work so they can have the loan forgiven.

Can you go to jail for 20000 PPP loan?

If the lie on your PPP loan is counted as deceiving a financial institution to profit, then you can be charged with bank fraud under U.S. Code Title 18 U.S.C. Typically, for an individual facing a misdemeanor for this crime, the bank fraud punishment can be up to one year in jail and up to $4000 in fines.

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How long do you have to apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

Who took PPP loans?

Funded PPP Loans by Company

  • # 1 TOP SCHOOL, LLC.
  • #1 COCHRAN BUICK GMC INC.
  • #1 NORTH AMERICAN INVESTMENT COMPANY, LLC.
  • #1 QUALITY ELECTRIC INC.
  • #3 ZIMMIES, INC.
  • #4429, INC.
  • #7 ZIMMIES, INC.
  • #8 ZIMMIES, INC.

Can PPP be done online?

The best PPP lenders are all online —even the best bank to apply for a PPP loan has an easy online application.

Why is my PPP loan public?

This information was held in confidence until a federal lawsuit forced the SBA to release the data. Combined with previously disclosed data, all PPP loans are now public information.

What is the deadline for PPP loan forgiveness 2021?

Notice: PPP ended May 31, 2021 Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

Is the PPP a forgivable loan?

The Paycheck Protection Program (PPP) provides forgivable loans to small businesses to help cover up to 24 weeks of payroll costs and qualifying non-payroll costs. PPP is a small business relief measure that incentivizes businesses to retain employees on payroll.

What happens if my PPP loan is not forgiven?

If you don’t apply for loan forgiveness, your loan payments will be deferred for 10 months after the end of your selected covered period (8 or 24 weeks, depending on your loan) No collateral or personal guarantees are required. The government and lenders are not allowed to charge you any fees for your loan.

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What is the penalty for PPP loan?

Depending on the size of the PPP loan, this can result in a $5,000,000 fine and up to 10 years in prison. 18 U.S.C. § 1343: Wire Fraud. This can result in fines and up to 20 years in prison.

Why would the SBA deny a PPP loan?

Why Was My PPP Loan Denied? Your PPP loan may have been denied because you failed to pass the SBA’s eligibility requirements. There’s also a chance that you made an error on your application, such as putting a zero in the wrong place or mistyping your Employer Identification Number.

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