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Some public companies give back small biz stimulus money, others keep it

  • At least 13 of the 200-plus public companies that received coronavirus hardship loans have said they would return the money after coming under fire for seeking aid meant for small business, WSJ reports, but others argue they have no other resources to keep paying workers.
  • Auto Nation (NYSE:AN), with a $3B market cap, said yesterday it was giving back $77M in received in forgivable loans; it had applied for the loans through car dealer franchises it owns that had under 500 employees each.
  • Potbelly (NASDAQ:PBPB) returned its $10M loan today, OptiNose (NASDAQ:OPTN) gave back $4.4M and J. Alexander's Holdings (NYSE:JAX) returned $15.1M.
  • Lindblad Expeditions (NASDAQ:LIND), on the other hand, says it has not generated any revenue since mid-March and plans to keep the $6.6M loan it received, since that is the only way it can continue to pay its employees.
  • While a few loan recipients were larger restaurant chains such as Ruth's Chris and Shake Shack, most were microcap companies; the median market value was ~$36M and the median loan amount was $2.4M.

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SymbolLast Price% Chg
AN--
AutoNation, Inc.
PBPB--
Potbelly Corporation
OPTN--
OptiNose, Inc.
JAX--
J. Alexander's Holdings, Inc.
LIND--
Lindblad Expeditions Holdings, Inc.