The Paycheck Protection Program was meant for small businesses, but some big, publicly traded companies have cashed in too, including sandwich chain Potbelly, video storage company Quantum and coal producer Hallador Energy, each of which got $10 million.
"Paycheck protection grants are supposed to support workers and their families during this economic crisis, not line the pockets of corporate executives," Herrig said.
Among the other companies that qualified for loans is Escalade Sports, which describes itself as"a leader in table tennis tables, residential in-ground basketball goals and in archery bows." The company, which has 468 employees and is headquartered in Evansville, Indiana, received a $5.6 million loan.
Legacy Housing, the country's fourth biggest manufactured homes company, received a $6.5 million loan, while pharmaceutical company Optinose got $4.4 million.Although restaurant and travel companies are among the hardest hit by the downturn, they haven't received the most money. The top borrowers were construction companies, followed by professional, scientific and technical services , and manufacturing .
The fact that construction companies got the most could be due to their deeper relationships with banks, which may have decided to prioritize them over other companies, KBW Research says.
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