PPP Borrower’s Suit Against Lender Stayed Pending SBA Determination Of Forgiveness

Mealey's (January 11, 2024, 2:19 PM EST) -- CHICAGO — An Illinois federal judge stayed a lawsuit brought by a 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 pending a final determination by the Small Business Administration (SBA) as to the loan’s forgiveness....