Which companies are returning their PPP loan? Here's the list. [MSNBC.com]
J. Alexander's Holdings, Inc. (JAX)
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Source: MSNBC.com
Facing public backlash, government warnings, and private misgivings, more than a dozen publicly traded companies and big businesses have so far announced they have returned, or intend to return, small-business coronavirus relief loans issued by the Small Administration.Under the Paycheck Protection Program launched midnight April 3, businesses can apply for loans with their banks to help them shore up payroll and fund essential expenses, such as rent and utilities. If the businesses follow certain rules, such as using the bulk of the funds to keep employees hired and paid, the loan turns into a forgivable grant.Over a million businesses large and small applied under the loose guidelines that said companies must have fewer than 500 employees and be able to demonstrate economic injury due to the coronavirus shutdowns.But after the $350 billion of initial funding started to run dry and publicly traded companies with more access to funds started making headlines for receiving government
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