On Friday, the U.S. approved injecting an additional $310 billion into the depleted Paycheck Protection Program, a stimulus designed to aid small businesses suffering from the economic impacts of the COVID-19 pandemic.
The Small Business Administration, which is administering the loans, announced it would once again begin accepting applications for the PPP loans today, April 27, at 10:30 a.m. EDT. For information on how to apply, go here.
The $349 billion available in the first round of loans ran out of funds within two weeks of PPP’s launch. The loans were intended for small businesses, but more than 100 publicly traded companies received them, according to MarketWatch. After a public outcry, some of them, including Shake Shack; Ruth's Chris Steak House; Potbelly; and AutoNation, the country's largest car dealership chain with a market capitalization over $3 billion; returned the money.
The Treasury Department now says publicly traded companies that received PPP loans must return the money by May 7 or face "severe consequences," Business Insider reports.
