PPP Borrower’s Suit Dismissed After Borrower Fails To Take Steps To Reinstate Case

Mealey's ( August 9, 2024, 8:55 AM EDT) -- CHICAGO — An Illinois federal judge’s order dismissing 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 automatically converted to dismissal with prejudice after the company failed to move to reinstate the case by July 31....