A sign alerts customers to the Potbelly Sandwich Shop that it is open for pickup and takeout only due to the coronavirus outbreak in Washington, DC, United States, Tuesday, March 17, 2020. Photographer: Andrew Harrer / Bloomberg via Getty Images
Andrew Harrer | Bloomberg | Getty Images
Potbelly said on Saturday that he would pay back his $ 10 million payroll loan program for small businesses, making it the last notable name to return the funds.
The sandwich chain is following other large public companies like Ruth’s Chris Steakhouse and Shake Shack to give back government funds to help companies survive the coronavirus pandemic. The total allocation of $ 350 billion dried up earlier this month, causing outrage at the large-cap SOEs that received the aid.
According to a study by Morgan Stanley, the government has allocated at least $ 243.4 million in PPP loans to publicly traded companies. However, the program was primarily designed to help dad stores continue to pay their employees. Potbelly, which has received the maximum loan amount, has a market capitalization of $ 71.2 million.
“We were surprised and disappointed when the fund was quickly depleted, leaving many people without help,” said Potbelly in A declarationSaturday. “We are repaying the PPP loan after further clarification from the Treasury Department.”
Potbelly said its sales dropped dramatically when the virus struck, and that it was forced to lay off employees, close sites, and cut wages at all levels considerably. To support store workers, the company said it had applied for the small business loan. He is currently studying alternative methods of obtaining funds.
Ruth’s Hospitality Group, which owns Ruth’s Chris Steakhouse, repaid the $ 20 million it received through the PPP by making a request through two different subsidiaries. He is now evaluating other options for obtaining future funds.
Shake Shack also repaid her $ 10 million PPP loan, which she applied for after closing about half of its 120 locations worldwide. The chain was forced to lay off or lay off more than 1,000 employees as the coronavirus pandemic closed in the United States.
Shake Shack CEO Randy Garutti and founder Danny Meyer said a blog post that the funds returned could be returned to independent restaurants “that need it the most (and have received no help”).
Other large state-owned enterprises have refused to repay the loans, despite new guidelines released Thursday by the Treasury Department and the Small Business Association, which clarify which companies are eligible for the loans.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Booker winner on fiction’s power
- How concerning is the spike in respiratory illnesses in China? A doctor explains
- Toronto to permanently close four COVID-19 fixed-site vaccine clinics – Toronto
- How to Stay Protected From RSV
- 2 essentials this doctor stocks up on every cold and flu season
- Prevent Blindness, Regeneron launch diabetes-related eye disease awareness campaign
- Is There Such a Thing as the Organized Brain?
- Drone footage shows destruction in Gaza
- Surge in respiratory illnesses among children in China swamping hospitals
- Israeli spokesperson reveals what’s needed to extend Israel-Hamas truce
- WHO authorizes emergency use of Novavax’s updated COVID shot
- Israeli official warns Palestinians about celebrating the release of prisoners. See why