Part of the appeal of the program is that loans used to pay certain expenses, such as keeping workers in place or to pay mortgage interest, rent and utilities, do not have to be repaid.
The Potbelly Corporation announced Saturday that it will return the money after having received "further clarification from the Treasury Department" about the loan. "We worked with applicants as quickly as possible to help them complete and submit their applications and regret that some of our clients did not receive funding prior to the SBA's funds being exhausted". The $349 billion allocated from the $2.2 trillion relief package enacted last month for the PPP program ran out on April 16 after just 13 days.
Another public enterprise technology firm, Veritone, a Costa Mesa, Calif. -based developer of a proprietary operating system for artificial intelligence, also appeared on CNBC's list of public companies with a market value of over $100 million that received loans.
The company promised to repay the funds in a statement issued to NBC News on Thursday.
According to The Associated Press, new guidelines from the SBA "require companies to certify with their lender that they need the loan and can not access the money from other sources".
World Health Organization announces where coronavirus originated from
US President Donald Trump alleges that the WHO's angle is biased and tilted in favor of China. The US is the largest donor to the Geneva-based WHO.
The Lyrid Meteor Shower is Approaching its Peak
Astronomy magazine says the view should be particularly good, since the almost-new moon won't wash out the meteor showers. The awesome sight happens every year and will be particularly visible this year between 21 and 22 April.
New York's virus death toll falls to lowest level in weeks
Andrew Cuomo said on Saturday that the state had expanded its testing eligibility criteria to allow for more people to get tested. Antibody testing is a way of determining if a person has been infected by the coronavirus even if they hadn't shown symptoms.
"We remain dedicated to protecting our hardworking team", the statement said. "We are glad to see that our calls for reform were answered and this much-needed step is being taken to provide gaming small businesses in Nevada and across the country access to financial support and aid during this hard time", they said. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. This accounted for almost $343 billion of those initial funds and had the practical effect of rendering the program obsolete, without further funding.
Other business-backed groups, including those affiliated with Republicans, have said the economic distress caused by the coronavirus crisis is reason enough to remove from the November ballot a question about amending the constitution so IL could move to graduated income tax rates.
"With the new money, the people that applied for the first wave, but didn't get it because they ran out of money, they're already in the shoot for being considered for the new money".
"I have been in direct contact with rural Oklahomans and rural health providers during the pandemic, and I have consistently heard how much Oklahomans need our rural health facilities to remain open and serving patients and their families", said Republican Sen.