Public Viewing Tv For Businesses

Senseonics said it plans to use the private lender’s money for “general corporate purposes. ” After securing the loan, Senseonics disclosed that CEO Timothy Goodnow, who was paid $2. 2 million last year, is getting a 3% raise this year. In all, according to a CBS News analysis of SEC filings as of last Friday, 25 public companies have opted to return more than $160 million in PPP loans, including Shake Shack, the Ruth’s Chris Steak House chain and the telecom IDT Corp.

Public Business

The fallout deepened as companies worth more than $100 million in the stock market successfully applied for relief. Companies includingDMC Global, Wave Life SciencesandFiesta Restaurant Group won the loans, according to a Tuesday research note from Morgan Stanley. “We are a small-cap company with a low market price, which means capital market participants will not have an interest in raising capital for us, ” said CEO David Seaburg. “In short, we have the need for assistance the PPP was intended for and we applied for the loan to meet that need, ” Mr. Seaburg, previously a CNBC contributor, said on Thursday. The federal program was designed to assist struggling small businesses cover payroll costs and keep Americans employed during the coronavirus outbreak. Despite outrage on Main Street and new pressure from the Treasury Department this week, several publicly traded companies that received payroll relief funds from the Small Business Administration oppose demands to return the cash.

In late March, the company borrowed $2. 4 million from a private lender through what’s known as a convertible bond deal. Phunware could also net an additional $3. 4 million when the bonds it sold to its lender convert to stock. “At this very difficult time we consider both sources of capital important for our ongoing operations and to continue to support patients and employees, ” the spokesperson said. “We believe the very difficult challenges our small company faces at this time, and the pressure on finances and employment, is the kind of difficult situation where these loans can be very helpful at bridging through this crisis. ” The financial filing that discloses the loan says nothing specifically about using the new money to repay the government’s small business aid.

Buried on the last page of an online FAQ, the Treasury Department added new language that is forcing public companies to reassess the wisdom of taking taxpayer money. Last Thursday, right before Congress signed off on a bill to inject an additional $310 billion to the PPP, the Small Business Administration issued guidelines urging public companies that had received loans to give the money back. At least 220 public companies applied for a combined $870 millionfrom the Paycheck Protection Program, a $350 billion rescue package under the $2 trillion Coronavirus Aid, Relief, and Economic Security Act, according to a report by Washington D. C. -based data analytics firm FactSquared. The extent of large companies taking the federal government’s COVID-19 relief loans meant for small businesses is much greater than previously thought, a new study has found.

Treasury is requesting that public companies repay their loans by May 7. On Thursday, the department issued a change in guidance that suggests the rollout did not go exactly as planned.

“Lindblad does not have a substantial market value, rather it is a micro-cap company with a $250 million market capitalization. The company does not have ready access to capital, although we are exploring these options, ” she wrote in an email. The SBA’s rule change on Thursday came as theHouse of Representativespassed a $484 billion supplemental relief packageto replenish an initial $349 billion program for small businesses. The program depleted its initial $349 billion last week and requires the new funding to continue lending.