JPMorgan Chase was able to secure multi-million dollar loans under the PPP for some of its clients that happen to be large chains and foreign corporations:
I could see if they’re a national franchise, but if they’re centrally owned and operated, then the p&l would roll up to the mothership. This really doesn’t make much sense and they should have had to Apply to the larger company bracket... sigh
* Wave Life Sciences, a biotech company incorporated in Singapore, got $7.2 million for the 97% of the company’s work force based in the United States. https://www.sec.gov/Archives/edgar/data/1631574/000119312520...
* Potbelly Sandwich Shop, a chain of 400 restaurants, got $10 million for its 6,000 employees. https://www.sec.gov/Archives/edgar/data/1195734/000119312520...
* Texas Taco Cabana, a chain of 121 Mexican food restaurants, got $10 million https://www.sec.gov/Archives/edgar/data/1534992/000153499220...
* Ruth’s Hospitality Group, a Florida-based steakhouse operator, got $20 million for its 5,700 employees. https://www.sec.gov/Archives/edgar/data/1324272/000156459020...