As deadline arrives for returning small-business loans, public companies have given back $500 million so far, kept $900 million

The Treasury Department says Paycheck Protection Program loans are not meant for “a public company with substantial market value and access to capital markets.”

FactSquared has 61 public companies giving back $425 million in loans as of Monday, but its tally doesn’t include giant car seller AutoNation Inc. AN, +9.83% , which said in late April that it was returning $77 million in PPP loans. What’s more, most of the publicly traded companies that received PPP loans rank as micro-cap stocks, according to FactSquared’s data. So they might not fit the bill when it comes to the Treasury’s targeting of borrowers with “substantial market value and access to capital markets.” A micro cap is often defined as a stock with a market value of $300 million or less.

Three hotel companies tied to Dallas businessman Monty Bennett also reversed themselves after applying for $126 million and initially saying they planned to “keep all funds received under the PPP."

And this is why the little guys are still struggling.

Working as planned!

waaaaahat Banks can turn around and demand repayment from small business owners, so what gives here?

Every university that gets an endowment needs to return the money they received from the CARES act.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Magic Johnson Makes Another Assist—to the Small Business Aid ProgramEarvin “Magic” Johnson said his EquiTrust Life Insurance Co. will provide $100 million in capital to fund loans for minority-owned businesses through the Small Business Administration’s Paycheck Protection Program. That's is so respectable ❤️ Just tell us how you cured that virus homie Perhaps Earvin doesn't think white communities were hit hard by the Coronavirus. This is racism in it's purest form.
Source: WSJ - 🏆 98. / 63 Read more »

Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business Loans“This is, when you think about it, life and death for so many business owners. They have nowhere else to turn.” Huge, positive gesture from Magic. But as a Life insurer, this is playing with fire. Salute Magic sheer genius
Source: Forbes - 🏆 394. / 53 Read more »

Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business LoansFormer NBA all-star Magic Johnson said that his life insurance company will provide $100 million in funding for small women and minority-owned businesses by lisettevoytko lisettevoytko if shes like 5''1? lisettevoytko There was probably a better way to word this? lisettevoytko King
Source: Forbes - 🏆 394. / 53 Read more »