• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Saturday, June 7, 2025
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home US News US Business

Potbelly to return $10 million PPP loan after outrage

Loud Silence Staff by Loud Silence Staff
April 25, 2020
in US Business
0
Potbelly to return $10 million PPP loan after outrage
2
SHARES
10
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

A sign alerts Potbelly Sandwich Shop customers that it is open for pick-up and takeout only due to the coronavirus outbreak in Washington, D.C., U.S., on Tuesday, March 17, 2020. Photographer: Andrew Harrer/Bloomberg via Getty Images

Andrew Harrer | Bloomberg | Getty Images

Potbelly said Saturday that it will return its $10 million loan from the Payroll Protection Program intended for small businesses, making it the latest notable name to return the funds. 

The sandwich shop chain follows other large, public companies like Ruth’s Chris Steakhouse and Shake Shack to give back the government funds meant to help businesses survive the coronavirus pandemic. The $350 billion total allotment ran dry earlier this month, stirring outrage against large-cap public companies who received the assistance. 

The government has allocated at least $243.4 million of the PPP loans to publicly traded companies, according to research from Morgan Stanley. However, the program was primarily designed to help mom-and-pop shops to keep paying their employees. Potbelly, which received the maximum loan amount, has a market cap of $71.2 million. 

“We were surprised and disappointed when the fund was quickly exhausted, leaving many without help,” Potbelly said in a statement Saturday. “We are returning the PPP loan after further clarification from the Treasury Department.”

Potbelly said its sales dropped dramatically when the virus hit, and that it was forced to furlough employees, close locations and significantly reduce salaries at all levels. In order to support in-shop workers, the company said it applied for the small business loan. It is now looking at alternatives methods to securing funds.

Ruth’s Hospitality Group, which owns Ruth’s Chris Steakhouse, repaid the $20 million it received through the PPP by applying through two different subsidiaries. It is now weighing other options for securing future funds.

Shake Shack also gave back its $10 million PPP loan, which it applied for after closing about half of its 120 locations worldwide. The chain has been forced to furlough or lay off more than 1,000 employees as the coronavirus pandemic shutters businesses across the U.S.

Shake Shack CEO Randy Garutti and founder Danny Meyer said in a blog post that the returned funds could be given to the independent restaurants “who need it most, (and) haven’t gotten any assistance.”

Other large public companies have refused to return the loans, despite new guidance issued Thursday by the Treasury Department and Small Business Association that adds clarity regarding which companies qualify for the loans.

[ad_2]

This content first appear on cnbc

You might also like

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

Global cases top 3.6 million, Trump says more deaths inevitable

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

Tags: business newsCoronavirus: BusinessDigimarc CorppoliticsPotbelly CorpRestaurantsRetail industryRuth's Hospitality Group IncShake Shack IncSmall businessU.S. Economy
Previous Post

I Have Done Everything Humanly Possible To Have A Child – Praye’s Wife | General Entertainment

Next Post

News24.com | 4 people bag R83k in the Daily Lotto Jackpot

Loud Silence Staff

Loud Silence Staff

Related Posts

US Business

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

by News Reporter
October 5, 2021
Global cases top 3.6 million, Trump says more deaths inevitable
US Business

Global cases top 3.6 million, Trump says more deaths inevitable

by Loud Silence Staff
May 6, 2020
Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition
US Business

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

by Loud Silence Staff
May 6, 2020
US Business

United Airlines service workers sue over schedule cuts after airline got federal coronavirus aid

by Loud Silence Staff
May 5, 2020
Disney reports quarterly earnings, and TikTok gains more influence
US Business

Disney reports quarterly earnings, and TikTok gains more influence

by Loud Silence Staff
May 5, 2020
Next Post
News24.com | 4 people bag R83k in the Daily Lotto Jackpot

News24.com | 4 people bag R83k in the Daily Lotto Jackpot

Recommended

Penguin Meets Up With Orangutan During Excursion In Empty San Diego Zoo

Penguin Meets Up With Orangutan During Excursion In Empty San Diego Zoo

May 1, 2020
CIA warned employees against Trump’s wonder drug

CIA warned employees against Trump’s wonder drug

April 14, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

President Mahama Unveils 24-Hour Economy Plan, Set to roll out in July
Ghana News

President Mahama Unveils 24-Hour Economy Plan, Set to roll out in July

May 28, 2025
Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly
Ghana News

Ghana’s Medical and Dental Council Clarifies Stance on Dr. Anne Sansa Daly’s Certification

May 26, 2025
Nii Armah Amarteifio Apologizes to Dr. Daly
Ghana News

Nii Armah Amarteifio Apologizes to Dr. Daly

May 24, 2025
Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly
Ghana News

Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly

May 23, 2025
Legal Notice: Demand for Retraction of Defamatory Publication
Ghana News

Legal Notice: Demand for Retraction of Defamatory Publication

May 23, 2025
Legal Notice: Demand for Retraction of Defamatory Publication
Ghana News

Legal Notice: Demand for Retraction of Defamatory Publication

May 23, 2025

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.