Hollis Johnson
- Sweetgreen announced on Wednesday that it had returned a $10 million paycheck protection program loan aimed to support small businesses during the coronavirus pandemic.
- Conveyor belt sushi chain Kura Sushi also announced it would return its $6 million PPP loan on Wednesday, after chains received backlash for getting loans through the program.
- PPP loans are aimed at small businesses, but the program included an exception for restaurants of all sizes as the industry struggles during the coronavirus pandemic.
- Chains such as Ruth's Chris and Potbelly received backlash after receiving multi-million dollar PPP loans before funding ran out, leaving many small businesses unable to obtain loans.
- Visit Business Insider's homepage for more stories.
Sweetgreen revealed on Wednesday evening that it received and returned a $10 million loan from a program aimed at small businesses.
"At the end of last week, we were approved for a $10M loan through" the paycheck protection program, the co-founders of the popular salad chain — Nicolas Jammet, Jonathan Neman, Nathaniel Ru — wrote in a Medium post.
See the rest of the story at Business Insider
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See Also:
- More than 150,000 people have signed a petition calling for Ruth's Chris Steak House to return $20 million in loans meant to help small businesses
- America's richest fast-food giants qualify for $10 million coronavirus stimulus loans, revealing a disturbing loophole in a program designed to help struggling small businesses
- 7 chains including McDonald's and Krispy Kreme are offering free food and drinks for healthcare workers and other first responders
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