On April 16, the $349 billion first round of the government’s Paycheck Protection Program (PPP) for small business coronavirus relief loans ran out of money after just 13 days.
Many people were quickly outraged to learn that while so many small businesses were shut out of getting a loan, publicly-traded restaurant chains received loans. These included Shake Shack , Ruth’s Chris Steakhouse , Potbelly Sandwich Shop , Taco Cabana , and J. Alexander’s .
Now some of the other large chains that got PPP loans are following suit—at first by choice, and soon by demand, after the Treasury Department on Thursday issued new guidance asking publicly traded companies to return their PPP money by May 7. “It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith” that it needs the loan to survive, Treasury wrote in an FAQ document.
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