12/15/2023 0 Comments Ppp loans large companies![]() ![]() We felt it was prudent to make adjustments now. "We qualified under all things that have been put out there or we would not have applied at first. Industry: Cinema products and services, digital signage, advertising and insuranceĬomment: Yes. Industry: Mattress and upholstery fabrics Industry: Lab, healthcare and technical furniture " We don't know what's going to happen over the next several months." "There's just a tremendous amount of unknown and economic uncertainty," he said. He said the company has no intention of returning the loan. Elliott described cbdMD as a "small public business" that dealt with a $5.6 million operating loss in the first quarter, did not have access to financing and desperately needed help. The company's most recent annual report shows a workforce of 182 employees, but the CFO said the number is now between 165 and 170. "The whole purpose is to deal with the uncertainty and to support our payroll and our staff." We felt it was prudent to make adjustments now," cbdMD Chief Financial Officer Mark Elliott said. SEC records show most of the public companies in North Carolina that qualified for PPP loans have less than 200 employees, including a Charlotte-based cbdMD that received $1.4 million on April 27. However, out of an abundance of caution and in light of the new guidance, the Board of Directors of the Company determined to repay the full amount of the Loan to the lender." The Company has less than 300 employees and continues to be severely impacted by the disruption to the cinema, theme park and advertising industries as a result of COVID-19. "On April 23, 2020, the SBA, in consultation with the Department of Treasury, issued new guidance that creates additional uncertainty regarding the qualification requirements for a PPP loan for public companies. ![]() At the time the Company applied for the Loan, the Company believed it qualified to receive the funds pursuant to the PPP," the company's filing said. "The Company intended to use the Loan for qualifying payroll, rent and utility expenses in accordance with the terms of the CARES Act. As a result, the Company, out of an abundance of caution, voluntarily repaid the Loan in full on May 13,2020."īallantyne Strong, a Charlotte cinema, advertising and insurance company with just under 300 employees received $3.1 million in April, but returned its loan later that month, according to SEC records. ![]() Treasury Department issued new guidance regarding eligibility requirements under the PPP, raising questions regarding the eligibility of publicly traded companies to receive loans under the program. " Following the Company's application and receipt of the Loan, the SBA and U.S. "The Company planned to use the proceeds from the Loan for covered payroll costs, rent, and utilities, in accordance with the applicable terms and conditions of the CARES Act, in order to retain more of its employees, maintain payroll and benefits, and make lease and utility payments while producing and supplying critical products for essential businesses during the unprecedented business disruption arising from the COVID-19 global pandemic," Culp Inc wrote. Small Business Administration on May 6, 2020, Kewaunee Scientific Corporation (the "Company") returned all funds it previously received pursuant to the Paycheck Protection Program ("PPP") established under the Coronavirus Aid, Relief, and Economic Security Act," the company said in a SEC filing.Ĭulp Inc, a High Point mattress and upholstery fabrics supplier with even more employees received $7.6 million in April, according to its SEC filing. "On May 14, 2020, following review of guidance issued by the United States Treasury Department and the U.S. Financial records show Kewaunee Scientific Corporation, a Statesville healthcare furniture company with 850 listed employees, received $7.9 million in early May, but returned the money a week later. ![]()
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