Publicly Traded Companies Got Over $1 BILLION PPP Loans Meant For REAL Small Businesses SO FAR

Allie

9 months ago

It’s official–in a mad grab to snatch up all the “free” money they could, we now know at least 200 publicly traded companies received over $1 BILLION of Payment Protection Program loans meant to help actual small businesses weather the economic shut down caused by the coronavirus.

Over $1 BILLION PPP Loans Were Paid Out To Public Companies SO FAR

As of April 29, 2020 $1,008,336,617 (over $1 BILLION) of PPP were taken by publicly traded companies, worth millions…and some of them worth billions…of U.S. dollars under the Payment Protection Program (PPP).

So far, the banks with the highest dollar amounts of these taxpayer-backed loans go to:

JP MORGAN CHASE BANK with 33 loans processed at $163,352,302 so far.
KEYBANK with 14 loans processed at $150,484,525 so far.

Some of the biggest loans that publicly traded companies got went to:

$126,400,000 – Ashford Inc. (NYSE: AINC), Ashford Hospitality Trust (NYSE: AHT), Braemar Hotels & Resorts (NYSE: BHR) – Monty Bennett says he has NO PLANS TO RETURN PPP LOAN
$77,000,000 – AutoNation, AutoNation was able to apply for at least $266 million in PPP funds. Market cap of $3 billion.
$20,000,000 – Ruth’s Chris Steak House, after public outrage the company has agreed to return the PPP loan.
$15,100,000 – J. Alexander’s Holdings, high-end restaurant chain, market cap of $323 million, and they have agreed to return the loan.
$15,000,000 – Fiesta Restaurant Group which represents Taco Cabana and Pollo Tropical restaurants. They have a market cap of $204 million. They have agreed to return the PPP loan meant for small businesses.
$14,100,000 – OneWater Marine Inc., recreational boats and personal watercraft, they are paying no rent, and have about $30 million in available cash with a market cap of $166 million.
$10,000,000 – Rhino, surface and underground coal mining operations in Utah, Kentucky, West Virginia, and Ohio.
$10,000,000 – Shake Shack, restaurant chain focusing on healthful, natural ingredients, burgers, shakes. Market cap $3 billion. SHAKE SHACK WAS THE FIRST COMPANY TO COMMIT TO REPAYING PPP LOAN.
$10,000,000 – Potbelly, restaurant chain based out of Chicago. Market cap $82 million. They have agreed to return the PPP loan.
$10,000,000 – Quantum Corp., paid a $1 million fine in December 2019 for overstating revenue, $159 million market cap.
$6,600,000 – Lindblad, $254 million market cap, has not needed to layoff, furlough or reduce salaries, $137 million in cash, branding deal with National Geographic
$6,500,000 – Legacy Housing Corporation, manufactured home builder/manufacturer based in Bedford, Texas. Market cap $231 million.
$6,496,800 – National Holdings Corporation, financial services, investments, brokerage and advisory services, tax preparation and accounting. Market cap of $17 million.
$5,983,290 – Kura Sushi USA, operates revolving sushi bar restaurants in the United States, Japanese cuisine, market cap of $141 million. They have said they will return the PPP loan.
$2,100,000 – Cinedigm Corporation, majority shareholder is Bison Capital which is an investment firm located in Hong Kong, multiple warnings within the last six months of being delisted due to poor performance, April 2020 finalized share transfer for significant equity stake in a China-based cinema company, promissory note $10 million, April 2020 finalized deal for exclusive distribution rights for the Bob Ross channel.
$1,905,100 – IZEA Worldwide, influencer marketing, payment processing. Market cap of $7.7 million.

CRAZIEST TIMES BIG COMPANIES TOOK PPP LOANS MEANT FOR REAL SMALL BUSINESSES

DALLAS HOTELIER MONTY BENNETT SNATCHED UP $126.4 MILLION PPP LOANS, NO PLANS TO GIVE IT BACK

MONTY THINKS BIG COMPANIES ARE MORE IMPORTANT THAN SMALL ONES IN HIS OP-ED.

Over $1 BILLION PPP Loans Were Paid Out To Public Companies SO FAR

We now know at least 200 publicly traded companies received over $1 BILLION of Payment Protection Program loans meant to help actual small businesses weather the economic shut down caused by the coronavirus.