- A report by S&P International Market Intelligence discovered that 134 publicly traded firms acquired entry to $550.6 million of loans out there to “small companies” by way of the federal stimulus bundle.
- Ashford Hospitality Belief claimed the biggest Paycheck Safety Program (PPP) loan, of $30.1 million, adopted by Meritage Hospitality Group, which claimed $29.1 million.
- The PPP program’s $349 billion of assist for small companies was exhausted by April 16, lower than two weeks after it was rolled out.
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A brand new report launched by S&P International Market Intelligence discovered that 134 publicly traded firms acquired entry to $550.6 million of federal stimulus loans for small enterprise.
The report famous that Sen. Marco Rubio responded with an announcement that his congressional committee would use subpoena energy to conduct “aggressive oversight” of debtors’ certifications. As well as, the report said that on April 23, “the Treasury Division up to date a steerage doc to counsel that huge public firms are unlikely to qualify for the loans.”
Ashford Hospitality Belief claimed the biggest PPP loan, of $30.1 million, adopted by Meritage Hospitality Group, which claimed $29.1 million. Ruth’s Hospitality Group additionally racked up a big loan, of $20 million.
Different publicly traded firms that obtained loans worth greater than $10 million included Braemar Accommodations & Resorts, which obtained $15.eight million, and J. Alexander’s Holdings, which obtained $15.1 million. In all, 13 public firms acquired loans worth at the least $10 million apiece.
JPMorgan Chase processed $145.9 million worth of PPP loans for publicly traded firms — probably the most of any financial institution.
The report additionally famous that certification for the PPP loans differs from the SBA 7(a) program that predates the pandemic, which requires that each one candidates state they cannot entry credit score elsewhere.
For instance, Shake Shack was broadly criticized when it introduced a $150 million fairness increase across the similar time it obtained a $10 million PPP loan. On April 20, the corporate introduced that it will be returning the loan.
The preliminary $349 billion assist bundle for small companies was exhausted by April 16, lower than two weeks after being rolled out.