Misrepresentation, Contract Breach By Bank Alleged By Borrower On Hook For PPP Loan

Mealey's (September 13, 2022, 4:47 PM EDT) -- CHICAGO — An Illinois transportation services company that received a $1.5 million loan via the Paycheck Protection Program (PPP) filed an amended complaint on Aug. 15 against a bank, 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 the bank knew or should have known that the bulk of the proceeds would be used for paying its independent contractor truckers and would not qualify for forgiveness under the PPP....

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