PPP Borrower Ineligible For Forgiveness Fails To Plead Recoverable Claims, Bank Says

Mealey's (October 13, 2022, 1:31 PM EDT) -- CHICAGO — A bank moved for dismissal of a federal lawsuit brought by an Illinois transportation services company that received a $1.5 million loan via the Paycheck Protection Program (PPP) alleging breach of contract, unjust enrichment, breach of fiduciary duty, negligent misrepresentation and promissory estoppel after the bank determined that only $53,017 of the amount loaned was eligible for forgiveness, contending that it had fulfilled its duties under the contract and the company’s amended complaint failed to state a claim....