---
title: "Public Companies Raked in $365 Million in Loans From Paycheck Protection Program"
url: https://burnaze.com/article/8b501c47-113c-496b-8c13-0e189b537d10
source: "1851 Franchise"
original_url: https://1851franchise.com/public-companies-raked-in-365-million-in-loans-from-paycheck-protection-program-2712905
category: "Finance"
topics: ["Finance & M&A"]
published: 2020-04-22T20:15:05.000Z
modified: 2026-11-01T02:27:40.925Z
image: https://newimage.1851franchise.com/cdn-cgi/image/quality=85,format=webp,width=1280,height=720/story/featureImage/7cafbba79a74b9e6a1d1c1b0500a8d2e3547.jpg
---

# Public Companies Raked in $365 Million in Loans From Paycheck Protection Program

**TL;DR:** Public companies received $365 million in loans from the Paycheck Protection Program, with nearly 100 publicly traded companies receiving funds before the program lapsed. Shake Shack announced it would return a $10 million loan it received from the program after widespread outrage over the allocation of funds.

*originally published in 1851 Franchise on 2020-04-22. [Read the original](https://1851franchise.com/public-companies-raked-in-365-million-in-loans-from-paycheck-protection-program-2712905).*

## Story

**On Monday,** **Shake Shack made headlines** **when it announced that the company would return a $10 million loan it received from the Paycheck Protection Program. That announcement arrived after widespread outrage over how the program’s funds were allocated, with critics pointing to tens of millions of dollars that went to chains like Shake Shack while many small businesses received nothing.**

**On Wednesday, a** **report from the Associated Press** **further revealed the extent of that imbalance, showing that nearly 100 publicly traded companies, “some with market values well over $100 million”, received $365 million in loans before the fund lapsed last week.**

**The SBA’s “small business” designation is typically applied only to companies with 500 or fewer employees, but a provision in the CARES Act allowed larger chains to apply for loans so long as they had fewer than 500 employees per location.**

**In a White House briefing on Tuesday, Treasury Secretary Steven Mnuchin said, “The intent of this money was not for big public companies that had access to capital.” The same day,** **senators reached a deal on a new relief package** **that, if passed in the House, will inject another $300 billion into the depleted Paycheck Protection Program.**

**Mnuchin said the Treasury would be issuing new guidelines and restrictions regarding eligibility for PPP loans.**

## Entities

- 1851 Franchise (publication)
- General (sector)
- Shake Shack (company)
- SBA (regulator)
- The Associated Press (company)
- ppp loans (topic)
- small business funding (topic)
- Paycheck Protection Program (regulator)
- public companies (topic)
- government relief package (topic)

---
Originally reported by 1851 Franchise (https://1851franchise.com/public-companies-raked-in-365-million-in-loans-from-paycheck-protection-program-2712905). Summarized by Burnaze (https://burnaze.com/article/8b501c47-113c-496b-8c13-0e189b537d10).