By: Kyle D. Kring
On April 24, 2020, the President signed a bill that gave the Paycheck Protection Program ("PPP") an additional $310 billion in funding over the previous $349 billion authorized by Congress last month. As you probably know by now, there has been tremendous demand for the PPP loans. This significant demand has led to some strict scrutiny of larger businesses that applied for and received loan funds. Some of these large companies have recently rejected or returned loans they received in the PPP's initial offering, including the Los Angeles Lakers, Ruth's Chris Steakhouse, and Shake Shack.