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14 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. The deadline was later extended to May 14.
  • 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.

Lawmakers demanded that five public companies return Paycheck Protection loans on May 8. Just one, biopharmaceuticals company MiMedx, complied immediately. The other four include: Quantum, EVO Transportation & Energy Services, Gulf Island Fabrication, and Universal Stainless and Alloy Products.

Source: CBS News

Ashford Hospitality Trust, which received one of the largest federal loans, initially stated it planned to keep the $49.5 million. On May 2, the company announced it would return money.

Source: S&P Global Market Intelligence

Axios, a news site, said it would return its $4.8 million loan on April 28.

Source: Axios

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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