If recipient businesses avoid laying off staff for eight weeks, the loan can be forgiven.
If they cant maintain their payrolls, they must repay it with1% interest.
But before it did, a bunch of big companies scooped up their share.
Typically, a business is considered small if it has fewer than 500 employees.
You see where this is going?
The chain has about 275 locations worldwide.
Ruths Chris Steak House:Got $20 million in PPP funds, but later said it wouldreturn it.
The chain has more than 150 locations worldwide.
AutoNation:Received more than $77 million.
It used separate tax numbers for some of its 300+ locations to apply for the funds.
The board voted to return all PPP funds and cancel all pending applications.
Sweetgreen:Received a $10 million PPP loan, but decided to return itthe same day.
The chain has more than 90 locations.
Taco Cabana and Pollo Tropical:Received $15 millionvia its parent company, Fiesta Restaurant Group.
The company, which is now reevaluating the funds, has 306 locations in Texas and Florida.
Fogo de Chao:Received $20 million overtwo loans.
The California-based chain has 25 locations.
J. Alexanders:Received $15.1 million acrosstwo loans.
Later, it said it would return the money.
The chain has about 50 restaurants.
The Los Angeles Lakers:Got $4.6 million in PPP funds, but told ESPN itreturned it.
Why paying the money back doesnt help (yet)
More money is coming, sort of.
Congress recently passedanother relief billthat puts another $310 billion into the PPP.
Now, theWashington Post notes, companies with other sources of cash probably wont be considered for PPP funds.
When the SBA software site reopened Monday, itstruggled to functiondue to demand.
Funding was expected to run out within 48 hours.
Is it worth holding a grudge?
But the problem with the PPP goes far beyond any one companys individual software for aid.
