Publicly traded companies have reportedly received hundreds of millions of dollars in loans from Congress' relief fund intended to help small businesses during the coronavirus pandemic.
The Associated Press on Tuesday reported that at least 75 companies that received aid from the Paycheck Protection Program, which was a part of Congress' recent aid package but has quickly run out of its $349 billion, are publicly traded, and "some had market values well over $100 million." The companies reportedly received a combined $300 million in loans. Additionally, "25 percent of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question," AP writes.
CNBC similarly writes that research from Morgan Stanley shows at least $243.4 million of the $349 billion was allocated to publicly traded companies, and DMC Global was reportedly among 15 companies with market values above $100 million to receive loans.
Much of Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, per Morgan Stanley.
At least one large company recently announced it would be returning the money it received amid criticism, as Shake Shack announced Sunday it would return its $10 million loan; executives said they're now aware that "the first phase of the PPP was underfunded and many who need it most haven't gotten any assistance."