Scores of enormous public corporations obtained hundreds of thousands of dollars value of forgivable emergency loans from the federal authorities below the Paycheck Safety Program whereas smaller mom-and-pop retailers have been shut out utterly. A firestorm of criticism adopted, and now practically two dozen corporations have pledged to return these loans. Right here’s the complete listing.
Shake Shack (a part of Danny Meyer’s Union Sq. Hospitality Group) returned a $10 million mortgage; it was the primary firm to take action.
Salad chain Sweetgreen additionally pledged to return its $10 million mortgage.
Ruth’s Hospitality Group, proprietor of Ruth’s Chris Steak Home, will give again $20 million.
Potbelly, the favored sandwich chain, pledged to return its $10 million.
Singapore-based biotech agency Wave Life Sciences gave again its $7.2 million.
U.S. restaurant chain Kura Sushi will return $6 million.
Pharmaceutical maker OptiNose, Inc. returned $four.four million. Restaurant chain J. Alexander’s returned $15.1 million.
BK Applied sciences Corp. returned $2.1 million.
Ballantyne Sturdy, Inc. returned $three.1 million.
Ultralife Company returned $three.four million.
Aquestive Therapeutics, one other pharmaceutical firm, returned $four.eight million.
Sizzling canine maker Nathan’s Well-known, Inc. will return $1.2 million.
CalAmp Corp. returned $10 million.
Hallmark Monetary Companies returned $eight.three million.
IDT Company returned $10 million.
The Los Angeles Lakers will return $four.6 million.
DMC International, which makes tools for the oil trade, returned $6.7 million.
AutoNation, Inc., a community of automotive dealerships, will give again $77 million.
Legacy Housing Company will give again $6.7 million.
Manning & Napier, a wealth administration agency, rescinded its $6.7 million mortgage utility earlier than receiving the cash.
The federal authorities’s emergency lending program for small companies is up and working once more right this moment with a recent $310 billion after exhausting its authentic $350 billion allotment two weeks in the past. This system has been shrouded in controversy after a chaotic launch and the revelation that enormous, public corporations had obtained loans regardless that this system was designed to assist small, weak companies keep afloat. That prompted the Small Enterprise Administration to problem new steering that clarifies which companies are entitled to the forgivable funds. The steering additionally features a cap of $60 billion on the full quantity anybody financial institution can lend below this system and restricts the variety of loans banks can submit at one time in an effort to tempo the method.
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