United States v. Jerome Howard
Court of Appeals for the Seventh Circuit
1Opinion of the Court
KANNE, Circuit Judge.
Jerome Howard Was the owner of a small ice cream/sandwich shop known as Mr, Penguin’s Malt Shop located in East St. Louis, Illinois. After- a flood damaged the malt shop in 1986, Howard applied for a disaster assistance loan from the United States Small Business Administration (“SBA”). The SBA loaned Howard a total of $12,500. Howard pledged the assets of the malt shop — the building housing the malt shop and its contents — as security for the loan. Howard further agreed to maintain hazard insurance on the building and its contents and to name the SBA as loss payee of the…
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