Shack Shack has returned its $10 million loan from the coronavirus Paycheck Protection Program, which was announced as being aimed at small businesses. But there are still five other publicly listed companies which received the same sum, according to a list by Morgan Stanley published on the CNBC website.
Three restaurant chain owners, a data storage company and a company from the coal sector received $10 million each from the fund. Fiesta Restaurant Group, which runs chains Pollo Tropical and Taco Cabana, was the highest valued at $169 million (as of April 20, 2020 - before the information on the loans was made public). J. Alexander's Holdings, another hospitality sector company, runs restaurant chains Stony River Steakhouse & Grill, Redlands Grill and Lyndhurst Grill. Potbelly Corp. runs sandwich shops by the same name. Quantum Corp. counts Buzzfeed and NASA among its customers.
The most valuable companies receiving loans under the scheme had market caps between $200 million and $400 million on April 20. Three are in the energy and health sectors, while one beneficiary is in cruising and another in the modular homes business.