11 major companies that have returned millions of dollars acquired through a government relief program meant for small businesses
- The $349 billion Paycheck Protection Program launched in early April was meant to bolster struggling small businesses.
- It was aimed at providing businesses with fewer than 500 employees with two-year, low-interest loans to cover salaries, wages, benefits, and certain taxes. The program would provide up to $10 million per company.
- Hundreds of publicly traded companies received funding through the federal government's Paycheck Protection Program. The program ran out of money less than two weeks after it was introduced.
- On April 23, the Treasury Department said publicly traded companies have two weeks to give back federal relief loans intended for small businesses.
- Here is a list of major companies, from Shake Shack to AutoNation, that have already confirmed they're returning the funds.
- Visit Business Insider's homepage for more stories.
This is a developing story. Check back for updates.
The NBA's Los Angeles Lakers received a $4.6 million loan through the Paycheck Protection Program. While not a public company, the organization confirmed that it returned the funds on April 27.
Source: Reuters
IDT Corporation, a telecommunications company based in Newark, said it will return its $10 million loan on April 27.
Source: Washington Post
The popular sandwich chain Potbelly said it would return the $10 million loan it received on April 25.
Source: Chicago Tribune
AutoNation, the largest car dealership chain in the US, received $77 million in forgivable loans by applying for at least $266 million in funds through separate dealerships. It said it would return the funds on April 24.
Source: Business Insider
J. Alexander's Holdings, a company comprised of nearly 50 restaurants, said it is returning its $15.1 million federal loan on April 24. It initially received more than $10 million because it applied through separate restaurants.
Source: Nashville Post
Wave Life Sciences, a public biotechnology company based in Singapore with a strong US presence, announced it would return its $7.2 million federal loan on April 24.
Source: Reuters
OptiNose, a public pharmaceutical company in Yardley, Pennsylvania, told CNBC that it would be returning its $4.4 million loan on April 24.
Source: CNBC
Steakhouse chain Ruth's Chris announced on April 23 that it would repay the two loans totaling $20 million it received under the Paycheck Protection Program.
Source: Business Insider, CNBC
The trendy salad chain Sweetgreen is a private company but is still returning its loan to the federal government — it announced on April 22 that it received and returned $10 million.
Source: Business Insider
The largest conveyor belt sushi chain in the US, Kura Sushi, said it would return its $5.98 million loan on April 22.
Source: Forbes, Business Insider
Shake Shack, the beloved burger chain that had nearly $595 million in revenue last year, announced it would return its $10 million federal loan on April 20. It was the first company to do so after swift backlash.
Source: Business Insider
* This article was originally published here
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