![]() In addition, the SBA has stated that they will audit all borrowers who receive funding of $2 million or more. The agency intends to provide additional guidance on how it will review the certification prior to this deadline. Small Business Administration (SBA) is giving companies until May 18 to return unqualified PPP funds without penalty. If you’ve received a Paycheck Protection Program (PPP) loan and don’t meet the requirements for “economic uncertainty,” take note. ![]() ‘Nightmare’: 3 small business owners describe process of applying for PPP loansīanks were not prepared for flood of small business coronavirus loan applicationsĬhef Marcus Samuelsson on coronavirus: ‘Where restaurants go away, so goes all small businesses’įollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit. These 4 businesses that have actually received PPP money have 1 thing in common: small banks The $349 billion coronavirus small business loan program is out of money after 13 days Here are the big restaurant chains who have returned their PPP small business loans Why chains like Shake Shack, Ruth's Chris, Potbelly qualified for PPP small business loans Read more on the Paycheck Protection Program for small businesses: Currently, there are double the number of users accessing the system compared to any previous day during the first round.”ĭaniel Roberts is an editor-at-large at Yahoo Finance. Unsurprisingly, SBA Administrator Jovita Carranza tweeted on Monday afternoon, “Unprecedented demand is slowing our system response times. The $310 billion second round of PPP is expected to go quickly-maybe faster than the first round. While pressure mounts, both from Treasury and from the public, Yahoo Finance is tracking all of the restaurant chains that return their PPP loan money. “How many mom-and-pop shops got lost in a bureaucratic black hole and had to shutter their doors while millions of dollars were streamlined to big restaurant and luxury hotel chains?” “The more the administration prioritizes aid for well-connected companies over small businesses that haven’t made payroll in weeks and have nowhere else to turn, the longer it will take for the economy to recover,” said Kyle Herrig, president of Accountable.US Action, the nonprofit parent organization of Allied Progress. Bennett, the Allied Progress page notes, has donated $200,000 to Trump’s 2020 campaign and the RNC since 2019. One man, Monty Bennett, is chairman of Ashford Hospitality Trust, Ashford Inc., and Braemar Hotels, which collectively received $58.6 million in PPP loans. ![]() ![]() Ashford Inc., a related company, received $12.8 million. The public company that got the most PPP loan money was Ashford Hospitality Trust, a Dallas-based real estate investment firm that owns 117 hotels and has already received $30 million by applying on behalf of 42 different subsidiaries, and expects to receive more loan money. Large companies that got PPP small business loans include restaurant chains like Fiesta Restaurant Group ( FRGI), parent company of Taco Cabana, which got $10 million, and RAVE Restaurant Group ( RAVE), parent of Pizza Inn and Pie Five, which got $657,000 hotel chains like Braemar ( BHR), which got $15.8 million, and Red Lions ( RLH), which got $4.23 million and even pharmaceutical companies like Xeris ( XERS), which got $5 million, Adamis ( ADMP), which got $3.12 million, and Cumberland ( CPIX), which got $2.19 million. The list contains 210 companies and includes each company’s PPP loan totals, 2019 net income, CEO pay, and most recent stock buyback. Now Allied Progress, a left-leaning nonprofit consumer advocacy group that tracks predatory financial institutions, has launched a site listing every public company that received a PPP loan-and the list is more extensive than you might have thought. ![]() LOUISVILLE - OCTOBER 03: Potbelly Sandwich Shop on Octoin Louisville, Kentucky. ![]()
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