Large public companies may be shut out of the new PPP funds after the Shake Shack fallout by theothersarahh
After many small businesses were unable to secure funds from the government's economic rescue plan, the Small Business Administration announced
related to the embattled Paycheck Protection Program which could potentially bar larger public companies from the latest round of stimulus money.... [+]In order to receive a PPP loan, businesses must certify that they are in need of funding that they can’t get from any other source. The SBA said that since public companies have both cash value in the form of shares and access to capital markets , it’s “unlikely” that they will be able to make that certification.that 71 publicly traded companies that received PPP loans before its $350 billion in funding ran out last week.
Shake Shack was the most highly valued publicly traded company to receive a loan , though after a public backlash the companyOther large restaurant chains including Ruth’s Chris Steakhouses, Potbelly and J. Alexander’s also received PPP money. a bipartisan bill worth some $480 billion that includes additional $310 billion for the PPP, with $60 billion of that money specifically reserved for smaller businesses without existing banking relationships.
can apply for loans of up to $10 million at 1% interest to so they can cover two months of payroll and overhead expenses. If the borrower retains workers and doesn’t cut their wages, the government will forgive most or all of the loan and repay the bank lenders.
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