Companies that should not have applied for the loans because they had enough resources to get by on their own had until May 18 to return the money without facing any sanctions. Those that returned the money announced it through regulatory filings, which are required within four business days of a major corporate event.
Some 76 public companies that took PPP loans and have not said they will return them had enough cash and cash equivalents to cover operating costs until at least June, according to a Reuters analysis, which was based on companies’ most recent earnings and companies tracked by FactSquared. Of those companies, 22 received loans of at least $2 million.
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