A new peek reveals over 100 public companies got $550 million of federal loans intended for ‘shrimp agencies’

A sage by S&P International Market Intelligence found out that 134 publicly traded companies got fetch entry to to $550.6 million of loans out there to “shrimp agencies” thru the federal stimulus kit.Ashford Hospitality Belief claimed the ultimate Paycheck Security Program (PPP) loan, of $30.1 million, followed by Meritage Hospitality Team, which claimed $29.1 million.The PPP program’s $349 billion of help for shrimp agencies modified into exhausted by April 16, lower than two weeks after it modified into rolled out. Talk over with Exchange Insider’s homepage for additional tales.

A new sage launched by S&P International Market Intelligence found out that 134 publicly traded companies got fetch entry to to $550.6 million of federal stimulus loans for shrimp industry.The sage properly-known that Sen. Marco Rubio spoke back with a commentary that his congressional committee would exhaust subpoena vitality to behavior “aggressive oversight” of borrowers’ certifications. To boot, the sage talked about that on April 23, “the Treasury Division as a lot as this level a steerage doc to counsel that huge public companies are now not going to qualify for the loans.”Ashford Hospitality Belief claimed the ultimate PPP loan, of $30.1 million, followed by Meritage Hospitality Team, which claimed $29.1 million. Ruth’s Hospitality Team additionally racked up a shapely loan, of $20 million.Various publicly traded companies that obtained loans price extra than $10 million included Braemar Accommodations & Hotels, which obtained $15.8 million, and J. Alexander’s Holdings, which obtained $15.1 million. In all, 13 public companies got loans price as a minimal $10 million apiece.

JPMorgan Dash processed $145.9 million price of PPP loans for publicly traded companies — the most of any bank. The sage additionally properly-known that certification for the PPP loans differs from the SBA 7(a) program that predates the pandemic, which requires that all applicants voice they can not fetch entry to credit score in diverse areas. To illustrate, Shake Shack modified into widely criticized when it announced a $150 million equity elevate around the same time it obtained a $10 million PPP loan. On April 20, the firm announced that it would maybe well be returning the loan.The preliminary $349 billion help kit for shrimp agencies modified into exhausted by April 16, lower than two weeks after being rolled out. 

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