Potbelly Sandwich Shop has secured a $ 10 million Payment Protection Program (PPP) loan, according to an August 14 filing with the Securities and Exchange Commission, as previously reported by Restaurant Business Online.
The news comes after the chain repaid a PPP loan in April. The outcry came when chains received the loans designed to help small businesses and chains like Shake Shack, Sweetgreen and Ruth’s Chris made similar decisions to pay off the loans. But Potbelly said he applied for a loan again in the next round because they said they believed a loan would “protect the jobs of our employees and support their families who depend on Potbelly for their livelihood,” according to one. press release obtained by RB.
“Although we qualified for a loan in the first round of the payroll protection program, we returned it when it looked like many more businesses would be left without help,” the statement continued: “Next round , the program was on the verge of shutting down, with billions of dollars in available funds remaining.
While all industries have been affected by COVID-19, the food and hospitality industries have been particularly affected. Independent restaurants are expected to close in large numbers, and even larger chains have started closing establishments or have announced plans to close underperforming establishments more aggressively in an effort to remain financially stable. In May, Potbelly announced that it was planning to close up to 100 stores and said it was “taking the necessary steps to support and strengthen our business.”
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