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Illinois banks issued 239,000 loans under the federal Paycheck Protection Program worth $29 billion to businesses affected by the coronavirus pandemic and collected at least $1.5 billion in fees ultimately paid by taxpayers, a Chicago Sun-Times analysis finds.
Chicago-based BMO Harris Bank got the most money in fees: at least $232 million for handling 34,000 loans that totaled $6 billion that the banking company’s top executive has said contributed heavily to “a good” first quarter of 2021.
BMO Harris’s PPP loans ranged from just $133 to the maximum amount allowed under the program $10 million.
The 360 banks with headquarters in Illinois made loans through the program to businesses in all 50 states and four U.S. territories. ....

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