PPP Loan Recipient And Lender Request Stay Pending SBA Determination Of Forgiveness

Mealey's (January 9, 2024, 2:09 PM EST) -- CHICAGO — In a lawsuit brought by an Illinois transportation services company alleging breach of contract, unjust enrichment, breach of fiduciary duty, negligent misrepresentation and promissory estoppel against a bank that determined that only $53,017 of a $1.5 million Paycheck Protection Program (PPP) loan was eligible for forgiveness, the parties jointly moved Jan. 8 for a stay pending a final determination by the Small Business Administration (SBA) as to the loan’s forgiveness....