It was aimed at providing businesses with fewer than 500 employees with two-year, low-interest loans to cover salaries, wages, benefits, and certain taxes. The program would provide up to $10 million per company.
Shake Shack, the beloved burger chain that had nearly $595 million in revenue last year, announced it would return its $10 million federal loan on April 20. It was the first company to do so after swift backlash.
A Shake Shack cheeseburger.
Irene Jiang/Business Insider
The trendy salad chain Sweetgreen is a private company but is still returning its loan to the federal government — it announced on April 22 that it received and returned $10 million.
A Sweetgreen salad.
Hollis Johnson/Business Insider
Steakhouse chain Ruth's Chris announced on April 23 that it would repay the two loans totaling $20 million it received under the Paycheck Protection Program.
A Ruth's Chris Steak House location in Atlanta, Georgia.
Elijah Nouvelage/Reuters
Wave Life Sciences, a public biotechnology company based in Singapore with a strong US presence, announced it would return its $7.2 million federal loan on April 24.
Singapore, where Wave Life Sciences is based.
Ore Huiying / Stringer / Getty Images
J. Alexander's Holdings, a company comprised of nearly 50 restaurants, said it is returning its $15.1 million federal loan on April 24. It initially received more than $10 million because it applied through separate restaurants.
A J. Alexander's location in Columbus, Ohio.
Eric Glenn/Shutterstock
AutoNation, the largest car dealership chain in the US, received $77 million in forgivable loans by applying for at least $266 million in funds through separate dealerships. It said it would return the funds on April 24.
Vehicles for sale pictured at the AutoNation Toyota dealership in Cerritos, California.
Mario Anzouni/Reuters
The NBA's Los Angeles Lakers received a $4.6 million loan through the Paycheck Protection Program. While not a public company, the organization confirmed that it returned the funds on April 27.
Los Angeles Lakers forward LeBron James is swarmed by teammates after making several 3-point shots in a row during a game on Feb. 4, 2020.
Associated Press
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