At least 32 companies with CEOs making over $1 million reportedly received small business funds
- At least 32 companies paying CEOs more than $1 million received funds from the Paycheck Protection Program, according to an investigation by Popular Information.
- PPP was designed to provide loans to small businesses struggling during the coronavirus pandemic.
- All $350 billion allocated to the program was accounted for in less than two weeks, leaving businesses to look for alternate funds.
- There may be more funds available to small businesses soon.
- Visit Business Insider's homepage for more stories.
An investigation by Popular Information's Judd Legum found that at least 32 companies with CEOs making over $1 million received funds from the Paycheck Protection Program (PPP).
The program was designed to give loans to struggling small businesses. Less than two weeks after it launched, its entire $350 billion allocation was accounted for.
Several larger businesses have already faced pushback because they took loans from the program. Shake Shack — which had almost $595 million in revenue last year — returned a $10 million PPP loan, Business Insider's Ashley Collman reported.
Veritone, an AI-focused company, received $6.5 million in two loans from the PPP — one for almost $1.65 million and the other for almost $4.85 million. In 2018, according to Popular Information, Veritone CEO Chad Steelberg was paid $18,669,779.
Aquestive Therapeutics, a pharmaceutical company, received a loan for $4.83 million, which is almost half of CEO Keith Kendall's $8,010,587 compensation in 2018.
Sandwich chain Potbelly was granted a $10 million loan from the program, Business Insider's Kate Taylor reported. According to Popular Information, Potbelly CEO and President Alan Johnson received almost $1.67 million in compensation.
Business Insider's Kate Taylor reported that Ruth's Chris Steak House received $20 million in loans from the program. Legum notes that its CEO, Cheryl J. Henry, is paid $6.1 million.
As PPP funding has run dry, Business Insider's Dominick Reuter and Jennifer Ortakales reported on 23 emergency funds available for businesses that were denied a PPP loan. Over 99% of American businesses are small businesses.
There may be more funds available for small businesses soon. The Senate has passed a bill that would add $320 billion to the PPP; that bill has now moved to the house.
You can find the full list of businesses and CEO compensation over at Popular Information.