Nathan’s Famous Returns $ 1.2 Million Small Business Emergency Fund Loan

[ad_1]

Nathan’s Famous said in a filing with the Securities and Exchange Commission that it will repay a loan of more than $ 1.2 million that the hot dog maker received under the Paycheck Protection Program (P3).

This is just the last big business to pay back after receiving a small business loan. Shake Shack, Ruth’s Chris and the Los Angeles Lakers are among other companies that have paid off loans

Nathan’s Famous said he got the loan on April 21, according to the filing. The company explained that it applied for the funds before federal government guidelines discouraged state-owned companies from applying for the loans, CNBC reported.

“The company has decided to repay and return the entire PPP loan amount to the lender,” Nathan’s said in the filing, claiming that it had obtained a loan of $ 1,224,645.

The Trump administration last week large companies with access to financial markets are not advised to apply for coronavirus emergency relief loans created under the PPP. The Treasury Department wrote in Thursday’s guidelines that publicly traded securities companies cannot say in good faith that they are eligible for the Small Business Administration’s loan program to avoid layoffs and bankruptcy.

Nathan’s said on the record that the majority of its franchise operations have been temporarily closed “due to their location in closed places (like malls and movie theaters) or places operating with significantly reduced traffic (like airports and the highways). ). “

The company also predicted a decline in sales of its other branded products and said only three of its four company-owned restaurants are open for take-out and delivery.

Three listed hotel companies announced this week that they would not return a total of $ 69 million received under the PPP.

The program was created under the Coronavirus Aid, Relief and Economic Security Act. It initially included 349 billion dollars intended for companies with less than 500 employees. President TrumpDonald Trump Democrats hit panic button after Virginia collapse Department of Defense and National Security calls for nearly four years for MMA veteran who struck officer Jan.6 MORE Friday legislation signed, including an additional $ 310 billion in the financing of the PPP.

[ad_2]

About Chuck Keeton

Check Also

Youthentity Plans Second Year of Virtual Fundraising | New

While Youthentity’s 14th Annual Roast Pork Fundraiser will be held virtually again for the second …

Leave a Reply

Your email address will not be published.