Some of nation’s biggest firms return PPP relief funds

By In the news
In: Uncategorized
Friday June 26, 2020


Taxpayers Association of Oregon
OregonWatchdog.com

Under pressure from President Trump and the Treasury Department, many large, publicly traded companies are giving back their Paycheck Protection Plan loans.

Over a million businesses applied for the PPP funds.  To qualify, businesses must have 500 or fewer employees, a net worth not exceeding $15 million, and average net income not exceeding $5 million for the two previous fiscal years.

Because of a loophole in the law excepting companies with a North American Industry Classification System code of 72 – businesses in the accommodation and food services industries (hotels, motels, casino hotels, restaurants, caterers, bars, etc.) – some very large publicly traded businesses have been able to take advantage of this small business program

After the $350 billion of initial funding started to run dry, publicly traded companies started making headlines for receiving PPP money while smaller businesses got none.

In late April, the SBA and the Treasury Department issued new guidelines, stating the loans were not intended for publicly traded companies.  Treasury Secretary Mnuchin said companies receiving loans over $2 million would be audited, and could face criminal liability.  Companies had until May 7 to return funds “in good faith.”

Partial List of Companies Returning PPP Loans:

Name Loan ($millions) Market Cap ($millions) Full Time Employees
ADMA Biologics $5.40 $259 313
Aquestive Therapeutics $4.80 $139 232
Ashford Hospitality Trust $45.90 $80 Unavailable
Ashford Inc $3.30 $23 123
Aviat Networks, Inc. $5.90 $51 708
Ballantyne Strong $3.10 $23 290
BioLife Solutions $2.10 $230 Unavailable
Braemar Hotels & Resorts, Inc. $18.50 $96 Unavailable
CalAmp Corp. $10.00 $218 882
Castlight Health, Inc. $10.00 $108 463
Collectors Universe, Inc. $4.20 $202 377
Cytosorbents $1.40 $310 153
Durect $2.00 $421 90
Energy Services of America Corporation $3.30 Unavailable 85
Escalade, Incorporated $5.60 $107 468
Fiesta Restaurant Group, Inc. $15.00 $170 10,480
Graham Corporation $4.59 $129 337
Hallmark Financial Services $8.30 $56 439
IDT Corp. $10.00 $152 1,270
J. Alexander’s Holdings Inc. $15.10 $66 4,200
Kura Sushi USA Inc. $6.00 $107 1,400
Lantronix $2.40 $83 210
Lindblad Expeditions $6.60 $343 670
Los Angeles Lakers $4.60 Estimated value: $3.7 billion
Manning & Napier, Inc. $6.70 $58 297
Myomo $1.00 $11 49
Nathan’s Famous $1.20 $253 Unavailable
OptiNose Inc. $4.40 $195 221
Potbelly Corp. $10.00 $72 6,000
Ruth’s Hospitality Group $20.00 $274 5,740
Shake Shack $10.00 $2 7,603
TransMedics Group, Inc. $2.20 $380 109
U.S. Auto Parts Network $4.10 $134 843
Ultralife Corp. $3.50 $112 573
Wave Life Sciences USA, Inc. $7.20 $300 301
Windtree Therapeutics $0.55 $45 31

 

NOTE: Market Capitalization is the value of a company that is traded on the stock market, calculated by multiplying the total number of shares by the present share price.

 

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