“The Lakers qualified for and received a loan under the Payroll Protection Program. However, once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need.'
Other companies such as Shake Shack, Ruth’s Hospitality, Potbelly and Sweetgreen said they planned to return money received from the program.
With the government getting ready to disperse an additional $300 million to small businesses as part of the Paycheck Protection Program, new guidance likely prohibits certain companies from applying. “Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business,” the U.S. Department of the Treasury said in a FAQ.
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