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11 major companies that have returned millions of dollars acquired through a government relief program meant for small businesses

Shake Shack meal end
  • The $349 billion Paycheck Protection Program launched in early April was meant to bolster struggling small businesses.
  • It was aimed at providing businesses with fewer than 500 employees with two-year, low-interest loans to cover salaries, wages, benefits, and certain taxes. The program would provide up to $10 million per company.
  • Hundreds of publicly traded companies received funding through the federal government's Paycheck Protection Program. The program ran out of money less than two weeks after it was introduced.
  • On April 23, the Treasury Department said publicly traded companies have two weeks to give back federal relief loans intended for small businesses.
  • Here is a list of major companies, from Shake Shack to AutoNation, that have already confirmed they're returning the funds.
  • Visit Business Insider's homepage for more stories.
This is a developing story. Check back for updates.
SEE ALSO: The coronavirus outbreak has triggered unprecedented mass layoffs and furloughs. Here are the major companies that have announced they are downsizing their workforces.

The NBA's Los Angeles Lakers received a $4.6 million loan through the Paycheck Protection Program. While not a public company, the organization confirmed that it returned the funds on April 27.



Source: Reuters



IDT Corporation, a telecommunications company based in Newark, said it will return its $10 million loan on April 27.



Source: Washington Post



The popular sandwich chain Potbelly said it would return the $10 million loan it received on April 25.



Source: Chicago Tribune



AutoNation, the largest car dealership chain in the US, received $77 million in forgivable loans by applying for at least $266 million in funds through separate dealerships. It said it would return the funds on April 24.



Source: Business Insider



J. Alexander's Holdings, a company comprised of nearly 50 restaurants, said it is returning its $15.1 million federal loan on April 24. It initially received more than $10 million because it applied through separate restaurants.



Source: Nashville Post



Wave Life Sciences, a public biotechnology company based in Singapore with a strong US presence, announced it would return its $7.2 million federal loan on April 24.



Source: Reuters



OptiNose, a public pharmaceutical company in Yardley, Pennsylvania, told CNBC that it would be returning its $4.4 million loan on April 24.



Source: CNBC



Steakhouse chain Ruth's Chris announced on April 23 that it would repay the two loans totaling $20 million it received under the Paycheck Protection Program.



Source: Business Insider, CNBC



The trendy salad chain Sweetgreen is a private company but is still returning its loan to the federal government — it announced on April 22 that it received and returned $10 million.



Source: Business Insider



The largest conveyor belt sushi chain in the US, Kura Sushi, said it would return its $5.98 million loan on April 22.



Source: Forbes, Business Insider



Shake Shack, the beloved burger chain that had nearly $595 million in revenue last year, announced it would return its $10 million federal loan on April 20. It was the first company to do so after swift backlash.



Source: Business Insider





* This article was originally published here

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