After Shake Shack controversy, Treasury says public companies should repay loans

on the implementation of the CARES Act, the Treasury Department and Small Business Administration said Thursday"it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith" attesting to its need for the loan.

Some had already committed to returning their loans, after facing backlash from lawmakers, small business owners and administration officials critical of their use of the program, and concerned that some may have been obtaining the loans improperly. Treasury Secretary Steven Mnuchin speaks about the coronavirus in the James Brady Press Briefing Room of the White House, April 21, 2020, in Washington.With more than a million potential borrowers flooding banks with loan applications, the program ran out of money after nearly two weeks. As of April 16, the agency approved more than 1,661,000 loans from nearly 5,000 lenders.

“With a limited pot, you’re going to expect to see the more sophisticated companies get in the front of the line, and start to capture those limited resources and leave many others out in the cold.”Designed for businesses with 500 employees or less, the initiative also included exceptions for big restaurant and hotel chains, along with franchises, with less than 500 employees per location.

“This was a difficult decision because our employees are extremely important to us, but it’s impossible to ignore the fact that our finances allow us to weather financial hardship for a longer period than independent restaurant owners,” the company, which had planned to hire back some furloughed workers with the loan, said in a statement.

And all these SBA loans will all go to the oligarchs, political/religious/racial friends/cronies of every SBA Loan Chief in every major city, not to the masses.

VOTE dRump out. He lied & continues to lie daily, unless you are big $ “small biz” donor to him. VOTE BLUE to stop the madness & for god’s sake, DON’T DRINK OR INJECT DISINFECT INTO YOUR BODIES!25th admendment for sure now! He’s beyond incompetent now!! 🤪

Why aren’t banks being held into account for this?

But that’s part of the looting GOP plan.

Do you think liberals can muster up the courage to go out and support government designated 'non-essential' businesses? Right now it's okay for liberals to shop at virus-free dispensaries, liquor stores, grocery stores, walmart/costco, gas stations, home improvement stores etc.

They are getting caught Dorian the swamp my ass

Was the confusion they thought that if they were SBA qualified because they are just multi-million dollar companies instead of multi-billion dollar companies?

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After Shake Shack controversy, Treasury says public companies should repay loansThe Treasury Department issued new guidance on Thursday encouraging publicly-traded companies to return their coronavirus stimulus loans by May 7 as Shake Shack and other public companies have faced backlash for receiving funds meant for small businesses. While small business owners struggled to secure
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