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Gov't puts pressure on public companies to return loans

 

Last updated 4/23/2020 at 4:22pm

JOYCE M. ROSENBERG

AP Business Writer

NEW YORK (AP) - Big public companies that received loans under a government program intended to help small businesses devastated by the coronavirus outbreak could be forced to return it.

The Small Business Administration issued an advisory Thursday clearly aimed at companies like restaurant chains Ruths' Chris Steak House and Potbelly that received loans under the Paycheck Protection Program. The guidelines imply that unless a company can prove it was truly eligible for a loan, the money should be returned by May 7.

The PPP, which launched April 3, is i...



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