Many publicly traded companies have started filing so-called 8-K statements with the Securities and Exchange Commission showing they’ve obtained funds through the Cares Act, the $2 trillion coronavirus relief package. The funds — short-term loans, loan guarantees and grants — are meant as a stopgap to help businesses get by until the economy reopens.
The sprawling law makes money available to millions of small businesses, health-care companies, airlines, defense contractors and more.
As of April 13, about 1.6 million small businesses had been approved for loans through the $349 billionPaycheck Protection Program, one of the biggest efforts under the Cares Act. The program, overseen by the Small Business Administration, was designed to help companies with fewer than 500 workers maintain payrolls and cover certain expenses like rent for two months. The program offers loans of as much $10 million, which convert to grants if companies keep workers on their payrolls and maintain salaries.
The package also provides about $500 billion in loans and assistance for big companies, as long as they retain most employees and don’t conduct stock buybacks.
Another initiative, the Payroll Support Program, is aimed at airlines and requires that funds be used exclusively for payroll and benefit costs.
Carriers are supposed to continue to provide air service to markets served prior to the crisis and refrain from layoffs or from reducing pay and benefits through Sept. 30.
A separate $17 billion pool of money was designated for companiesvital to national security and contending with coronavirus disruptions. But the Treasury Department, which will decide how to allocate those funds, has yet to define which companies are crucial to national security.
Below is a non-exhaustive list of public companies Bloomberg has identified as receiving these federal funds. We’ll continue to update as new filings come in:
|American Airlines Inc||$5,810,000,000|
|Delta Air Lines Inc||5,400,000,000|
|Alaska Air Group Inc||992,000,000|
|Encompass Health Corp||213,000,000|
|Meritage Hospitality Group||29,100,000|
|Ruth’s Hospitality Group Inc||20,000,000|
|J Alexander’s Holdings Inc||15,100,000|
|Fiesta Restaurant Group Inc||10,000,000|
|Hallador Energy Co||10,000,000|
|Shake Shack Inc||10,000,000|
|Air T Inc||8,215,100|
|WaVe Life Sciences Ltd||7,234,890|
|New Age Beverages Corp||6,868,400|
|Lindblad Expeditions Holdings||6,600,000|
|Legacy Housing Corp||6,545,700|
|Kura Sushi USA Inc||5,983,290|
|Perma-Fix Environmental Services||5,666,300|
|Drive Shack Inc||5,276,742|
|Misonix Opco Inc||5,199,487|
|SIFCO Industries Inc||5,024,732|
|Frequency Electronics Inc||4,964,810|
|CPI Aerostructures Inc||4,795,000|
|Natural Gas Services Group Inc||4,600,000|
|US Auto Parts Network Inc||4,107,388|
|Crawford United Corp||3,679,383|
|Adamis Pharmaceuticals Corp||3,191,700|
|Ballantyne Strong Inc||3,173,900|
|CRH Medical Corp||2,945,620|
|BK Technologies Corp||2,196,335|
|Blonder Tongue Laboratories Inc||1,768,762|
|Marrone Bio Innovations Inc||1,723,000|
|Educational Development Corp||1,447,400|
|Workhorse Group Inc||1,411,000|
|Rocky Mountain Chocolate Factory||1,400,000|
|Infinite Group Inc||957,373|
|ClearPoint Neuro Inc||896,000|
|Rave Restaurant Group Inc||656,830|
|Helius Medical Technologies Inc||323,000|
|Lodging Fund Reit III Inc||286,100|
Source: Read Full Article