CHATTER AWAY: Overnight Open Thread

Bloomberg News reports:

Potbelly said it’s returning a loan it received under the Payroll Protection Program, amid criticism that national chains landed loans at the expense of mom-and-pop firms as the program ran out of money.

The Chicago-based sandwich chain said it was “surprised and disappointed” when the fund was quickly exhausted, leaving many companies without help. It’s returning the loan after “further clarification” from the Treasury Department and will seek alternative means to support its furloughed staff, the company said in a statement Saturday.

Earlier, Shake Shack said it would return the $10 million it borrowed under the program. The U.S. Small Business Administration will restart the relief loan program for small businesses next week with an additional $320 billion, after the first round of funding was exhausted in just 13 days.

Potbelly’s sales dropped dramatically when COVID-19 hit, forcing us to furlough employees, close shops, and significantly cut salaries at all levels of the organization. In order to financially support our in-shop employees, and based on SBA guidelines (1/3)

— Potbelly (@Potbelly) April 25, 2020

we applied and qualified for assistance under the Payroll Protection Program.

We were surprised and disappointed when the fund was quickly exhausted, leaving many without help. (2/3)

— Potbelly (@Potbelly) April 25, 2020

We are returning the PPP loan after further clarification from the Treasury Department. We will continue to seek alternatives to help support our employees and enable them to return to work so they can serve our loyal customers.

— Potbelly (@Potbelly) April 25, 2020