A number of publicly traded companies and big businesses in the US have announced they are returning their small-business coronavirus relief loans. Here’s the list so far.
Facing public backlash, government warnings, and private misgivings, more than a dozen publicly traded companies and big businesses have so far announced they have returned, or intend to return, small-business coronavirus relief loans issued by the Small Business Administration.
Over a million businesses large and small applied under the loose guidelines that said companies must have fewer than 500 employees and be able to demonstrate economic injury due to the coronavirus shutdowns. The SBA and Treasury Department issued new guidance this week, clarifying that the loans were not intended for companies with access to the equity market. Treasury Secretary Steven Mnuchin warned companies last week that could suffer consequences if they could not certify they were facing economic injury. Companies have until May 7 to return funds"in good faith."
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