Public companies took more than thought from PPP pantry

  • Last week, Morgan Stanley analysts found that public companies had received $243.4M from the original Paycheck Protection Program, but that figure has now ballooned as additional firms file disclosures.
  • More than 200 public companies applied for at least $854.7M, including $76M for Ashford Hospitality Trust (NYSE:AHT), which applied via 117 separate loans - the most by a single company - as well as $34M for Braemar Hotels & Resorts (NYSE:BHR).
  • Other companies that filed for at least $10M loans include FreightCar America (NASDAQ:RAIL), Harte Hanks (NYSE:HHS), IDT Corporation (NYSE:IDT), Luby's (NYSE:LUB), Universal Stainless & Alloy Products (NASDAQ:USAP), MiMedx (OTC:MDXG), CalAmp (NASDAQ:CAMP), Gulf Island Fabrication (NASDAQ:GIFI), Quantum (NASDAQ:QMCO) and Hallador Energy (NASDAQ:HNRG).
  • Another $310B in fresh funding has been approved for the PPP program, and demand is expected to be high when it reopens today.

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