But the rule change, and public outrage, has forced some of the smaller public companies who've received the loans to face a key question. Return the Paycheck Protection Program loans and recoup public image? Or keep the funds and potentially prevent layoffs down the road?, a subsidiary of a Japanese restaurant chain, said that after much deliberation and angst that it chose to cancel its $5.98 million federal small-business loan.
"Today, we made the decision to return our PPP loan," he added. "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." "We are hopeful that both the money returned to Treasury by Optinose and other companies and the additional $320 billion stimulus passed by Congress this week will facilitate relief for a larger number of small businesses, including many of the physician practices we serve," a spokesman said.But others, such as Digimarc's Davis, defended their application for and receipt of the PPP funds.
But between those public companies who said they'd return the PPP funds and those who said they won't, all said they wished the SBA and Treasury Department could have been clearer on which companies qualified when first announcing the program.
And who’s gonna get the receipt? Mnchin Yea sure they’re gonna give it back ...
Good. Not patronize them..
Not surprised.. Some welfare corporate queens are not giving back the money, Because The Administration will do nothing about it..
Larger businesses that took $ and had to be shamed into giving it back should never have applied for it. They should now be prepared for whatever treatment the public deems appropriate, from boycott to abandonment. They may have done a huge disservice to their empoyees.
We also have to blame the banks that were the ones who chose who would get the money and allocated it to their biggest customers.
They should be fined and forced to!
So 184 public companies have received a total loan value of $695 million. Then say they are not connected to get capital Sure but then secured loans and investments of 30-80 million. Sounds like a ponzi fraud
Publish the list of those companies so consumers can reallocate their money accordingly as money starts to move.
I won't be supporting RuthsChris slow to return money. Greedy to apply. While I'm a true small business. Waiting... Hoping... Wishing. fail next character nevergiveup PPPLoan
Then haul their butts in the court and charge them huge interest on the money. Also charge the bank that gave them the money
Call it what it is. They stole money they weren't entitled to.
. Good digging CNBC but go further, you profiles DIGIMARK who refused to turn back the $s. Took me 5 minutes reading the annual report and learned in May ‘19 they secured a line to sell $30mm additional stock. Tap that first DIGIMARK. ppp PPPloan RT to spread word
Amazing that these big businesses were competing against us for funding lol. No competition
Interesting that these medium to larger companies could get the relief 💰💰💰 so quickly, while actual small businesses and sole proprietorships flounder in their attempts to get assistance. 🧐