Facing public backlash, government warnings and private misgivings, more than a dozen companies and big businesses have so far announced that they have returned, or intend to return, small-business coronavirus relief loans issued by the Small Business Administration.
Under the Paycheck Protection Program launched in early April, businesses can apply for loans with their banks to help them shore up payroll and fund essential expenses, such as rent and utilities. If the businesses follow certain rules, such as using the bulk of the funds to keep employees hired and paid, the loan turns into forgivable grants.
Over a million businesses large and small applied under the loose guidelines, which said companies must have fewer than 500 employees and must be able to demonstrate economic injury due to the coronavirus shutdowns.
But after the $350 billion of initial funding started to run dry — and publicly traded companies with more access to funds started making headlines for receiving government assistance while smaller businesses were left out — some companies had second thoughts.
(An entire list of which public companies received PPP loans is available here, based on SEC filings analyzed by FactSquared, a political and media data firm)
The SBA and the Treasury Department issued new guidance this week, clarifying that the loans were not intended for companies with access to the equity market. Treasury Secretary Steven Mnuchin warned companies last week that they could suffer consequences if they could not certify that they were facing economic injury. Companies have until May 7 to return funds "in good faith."
In April, Mnuchin said companies receiving loans over $2 million would be audited, and he warned of potential criminal liability.
Over $436 million of the over $1.3 billion received by the nearly 450 public companies that disclosed PPP loans has been returned. Together, all the public companies which have so far disclosed receiving the funds have a combined market cap of almost $35 billion.
Under the program, the maximum loan is $10 million, based on payroll calculations. Three restaurant firms got more than $10 million because each had two subsidiaries that applied for separate loans.
22nd Century Group, Inc.
Description: Plant biotechnology company for tobacco and cannabis
Loan: $1.2 million
Market cap: $107 million
Full-time employees: 67
ADMA Biologics
Description: Specialty pharmaceutical company.
Loan: $5.4 million
Market cap: $259 million
Full-time employees: 313
Aquestive Therapeutics
Description: Specialty pharmaceutical company and maker of Suboxone, an opioid addiction treatment.
Loan: $4.8 million
Market cap: $139 million
Full-time employees: 232
Ashford Hospitality Trust
Description: Real estate investment trust specializing in high-end hotels, externally advised by Ashford Inc.
Loan: $45.9 million
Market cap: $80 million
Full-time employees: Unavailable
Ashford Inc
Description: Real estate asset management firm which advises Ashford Hospitality Trust and Braemar Hotels & Resorts.
Loan: $3.3 million
Market cap: $23 million
Full-time employees: 123
Athersys, Inc.
Description: Regenerative medicine pharmaceutical company
Loan: $1.3 million
Market cap: $529 million
Full-time employees: 83
Aviat Networks, Inc.
Description: Maker and seller of wireless networking products.
Loan: $5.9 million
Market cap: $51 million
Full-time employees: 708
Avid Bioservices, Inc.
Description: Pharmaceutical manufacturing company
Loan: $4.4 million
Market cap: $396 million
Full-time employees: 211
AxoGen, Inc.
Description: Biotechnology and electromedical company
Loan: $7.8 million
Market cap: $454 million
Full-time employees: 371
Ballantyne Strong
Description: Holding company whose subsidiaries make cinema equipment, projectors and lighting.
Loan: $3.1 million
Market cap: $23 million
Full-time employees: 290
BioLife Solutions
Description: Supplier of cell and gene therapy tools, including design and manufacturing of liquid nitrogen tanks and cryogenic equipment.
Loan: $2.1 million
Market cap: $230 million
Full-time employees: Not disclosed
BK Technologies Corp.
Description: Suppliers of two-way radio equipment.
Loan: $2.2 million
Market cap: $30 million
Full-time employees: 109
Braemar Hotels & Resorts, Inc.
Description: Real estate investment trust specializing in high-end hotels, externally advised by Ashford Inc.
Loan: $18.5 million
Market cap: $96 million
Full-time employees: Unavailable
CalAmp Corp.
Description: Sellers of equipment and systems for remotely monitoring vehicles.
Loan: $10 million
Market cap: $218 million
Full-time employees: 882
Castlight Health, Inc.
Description: Health benefits platform provider.
Loan: $10,000,000
Market cap: $108 million
Full-time employees: 463
Chembio Diagnostics, Inc.
Description: Pharmaceutical diagnostic testing manufacturer
Loan: $2.9 million
Market cap: $81 million
Full-time employees: 324
CHF Solutions, Inc.
Description: Biotechnology and medical device company
Loan: $1.6 million
Market cap: $21 million
Full-time employees: 66
Clearfield, Inc.
Description: Telecommunications equipment company
Loan: $3.7 million
Market cap: $192 million
Full-time employees: 222
Collectors Universe, Inc.
Description: Provider of grading and authentication services for collectibles such as coins, trading cards and autographs.
Loan: $4.2 million
Market cap: $202 million
Full-time employees: 377
Crawford United Corp.
Description: Aerospace component manufacturing
Loan: $3.6 million
Market cap: $44 million
Full-time employees: 271
Cytosorbents
Description: Medical device company whose flagship product, CytoSorb, is being used to treat sepsis in COVID-19 patients.
Loan: $1.4 million
Market cap: $310 million
Full-time employees: 153
DMC Group Inc.
Description: Technical product production for global energy, industrial, and infrastructure markets
Loan: $6.7 million
Market cap: $413 million
Full-time employees: 741
DropCar, Inc.
Description: Vehicle support and concierge services for consumers and automotive industries in the U.S.
Loan: $345,294
Market cap: $4.8 million
Full-time employees: 5
Drive Shack, Inc.
Description: Golf-related entertainment and restaurant operating company
Loan: $5.2 million
Market cap: $122 million
Full-time employees: 4,658
Durect
Description: Biopharmaceutical research and development
Loan: $2 million
Market cap: $421 million
Full-time employees: 90
Electro-Sensors, Inc.
Description: Machine and production monitoring systems company
Loan: $645,180
Market cap: $12 million
Full-time employees: 40
Energy Services of America Corporation
Description: Natural gas pipeline maker and servicer based in West Virginia.
Loan: $3.3 million
Market cap: not available
Full-time employees: 85
Escalade, Incorporated
Description: Makers of sporting goods, including The Step.
Loan: $5.6 million
Market cap: $107 million
Full-time employees: 468
Fiesta Restaurant Group, Inc.
Description: Owner, operator and franchiser of the Pollo Tropical and Taco Cabana fast casual restaurant chains.
Loan: $15 million
Market cap: $170 million
Full-time employees: 10,480
Frequency Electronics, Inc.
Description: Microwave component manufacturer
Loan: $4.9 million
Market cap: $90 million
Full-time employees: 280
Graham Corporation
Description: Designer and manufacturer of heat transfer equipment used in oil refining.
Loan: $4.59 million
Market cap: $129 million
Full-time employees: 337
Hallmark Financial Services
Description: Property and casualty insurers for businesses and consumers.
Loan: $8.3 million
Market cap: $56 million
Full-time employees: 439
Harvard Bioscience, Inc.
Description: Laboratory instruments company
Loan: $6.1 million
Market cap: $142 million
Full-time employees: 505
Helius Medical Technologies, Inc.
Description: Neurotechnology device company
Loan: $323,000
Market cap: $18 million
Full-time employees: 19
IDT Corp.
Description: Newark, New Jersey-based telecommunications company that offers service and sells prepaid phone cards.
Loan: $10 million
Market cap: $152 million
Full-time employees: 1,270
Innovate Biopharmaceuticals, Inc.
Description: clinical-stage biopharmaceutical company
Loan: $220,205
Market cap: $23 million
Full-time employees: 8
inTEST Corporation, Inc.
Description: Semiconductor manufacturing company
Loan: $2.8 million
Market cap: $36 million
Full-time employees: 198
J. Alexander's Holdings Inc.
Description: Holding company for several casual restaurant chains, including the Stoney River Steakhouse & Grill, Redlands Grill and Lyndhurst Grill steak chains.
Loan: $15.1 million
Market cap: $66 million
Full-time employees: 4,200
Kewaunee Scientific Corp.
Description: Laboratory, healthcare, and technical furniture products
Loan: $7.9 million
Market cap: $25 million
Full-time employees: 856
Kopin Corp.
Description: Semiconductor manufacturer
Loan: $2.1 million
Market cap: $114 million
Full-time employees: 153
Kura Sushi USA Inc.
Description: American subsidiary of a Japanese sushi chain, with over 400 locations.
Loan: $6 million
Market cap: $107 million
Full-time employees: 1,400
Lantronix
Description: Makers of secure data access and management hardware and software.
Loan: $2.4 million
Market cap: $82.6 million
Full-time employees: 210
Legacy Housing Corp.
Description: House and tiny house manufacturer
Loan: $6.5 million
Market cap: $325 million
Full-time employees: 800
The LGL Group, Inc.
Description: Industrial machinery manufacturer
Loan: $1.9 million
Market cap: $51 million
Full-time employees: 183
Lindblad Expeditions
Description: Luxury cruise provider
Loan: $6.6 million
Market cap: $343 million
Full-time employees: 670
Los Angeles Lakers
Description: Los Angeles NBA franchise.
Loan: $4.6 million
Estimated value: $3.7 billion
Manning & Napier, Inc.
Description: Rochester, New York-based investment management firm.
Loan: $6.7 million
Market cap: $58 million
Full-time employees: 297
MiMedx Group, Inc.
Description: Medical and dental instruments group
Loan: $10 million
Market cap: $435 million
Full-time employees: 753
Motus GI Holdings, Inc.
Description: Medical technology company for endoscopy solutions
Loan: $780,000
Market cap: $38 million
Full-time employees: 49
Myomo
Description: A wearable medical robotics company which makes orthotics for patients with neuromuscular disorders.
Loan: $1 million
Market cap: $11.3 million
Full-time employees: 49
Nathan's Famous
Description: Casual restaurant chain specializing in hot dogs.
Loan: $1.2 million
Market cap: $253 million
Full-time employees: Not available
Neos Therapeutics, Inc.
Description: Pharmaceutical company for ADHD medication
Loan: $3.5 million
Market cap: $35 million
Full-time employees: 213
NeuroMetrix, Inc
Description: Nerve and spinal cord disorder product company
Loan: $773,200
Market cap: $7.3 million
Full-time employees: 23
OneWater Marine Inc.
Description: Boat retailer
Loan: $14 million
Market cap: $352 million
Full-time employees: 1,102
OptiNose Inc.
Description: Pharmaceutical company focused on delivering products to treat ear, nose, throat and allergy patients.
Loan: $4.4 million
Market cap: $195 million
Full-time employees: 221
Potbelly Corp.
Description: Restaurant chain with nearly 500 locations, specializing in heated sandwiches.
Loan: $10,000,000
Market cap: $72 million
Full-time employees: 6,000
Repro Med Systems, Inc.
Description: Medical device company
Loan: $1.4 million
Market cap: $396 million
Full-time employees: 71
Ruth's Hospitality Group
Description: Holding company that owns the chain of high-end Ruth’s Chris Steak House locations.
Loan: $20 million
Market cap: $274 million
Full-time employees: 5,740
Shake Shack
Description: Fast casual chain of made-to-order hamburgers and its namesake milkshakes.
Loan: $10 million
Market cap: $2 billion
Full-time employees: 7,603
TherapeuticsMD, Inc.
Description: Women’s healthcare pharmaceutical company
Loan: $6.4 million
Market cap: $396 million
Full-time employees: 348
TransMedics Group, Inc.
Description: Develops commercial products for performing organ transplant therapy.
Loan: $2.2 million
Market cap: $380 million
Full-time employees: 109
U.S. Auto Parts Network
Description: Aftermarket auto parts and accessories provider. Online presence includes autopartswarehouse.com, carparts.com, and jcwhitney.com
Loan: $4.1 million
Market cap: $134 million
Full-time employees: 843
Ultralife Corp.
Description: Battery and communications manufacturer.
Loan: $3.5 million
Market cap: $112 million
Full-time employees: 573
Wave Life Sciences USA, Inc.
Description: Clinical-stage genetic medicine company, whose parent company is based in Singapore.
Loan: $7.2 million
Market cap: $300 million
Full-time employees: 301
Windtree Therapeutics
Description: Biotech and medical device company specializing in pulmonary and cardiovascular disease treatment.
Loan: $546,000
Market cap: $45 million
Full-time employees: 31
Xeris Pharmaceuticals, Inc.
Description: Specialty pharmaceutical company
Loan: $900,000
Market cap: $103 million
Full-time employees: 202
Data sources: NBC News analysis of SEC filings, FactSquared, Google Finance, Forbes. Last updated: 7/07 3:00 p.m. ET.