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Small Businesses are Being Denied PPP Loans, While Large Corporations Receive Millions

There are concerns that the government’s Payment Protection Program (PPP) — a part of the $2 trillion COVID-19 economic relief package — may be excluding small businesses. Black Enterprise reports that major food chains — such as Shake Shack, Potbelly Sandwich Shop, and Fiesta Restaurant Group Inc.’s Taco Cabana — all received $10 million in Payment Protection loans. However, many small business owners have been denied PPP funding. Business owners like April Richardson are upset and feel defeated by the allocation of the funds. “It’s a reminder to small businesses that our voices are dampened, what are we doing this for? Why are we in business just to be told we’re not good enough because we’re not big enough,” Richardson told CNN. Black Enterprise also reports that other major chains like Kura Sushi USA Inc. — the largest sushi chain in the U.S. — received about $6 million in loans; Ruth’s Chris steakhouse operators received $20 million; J. Alexander’s restaurant chains were funded...

Devin Crudup

Apr 21, 2020