Wednesday, April 29, 2020

The 20 Publicly-Held Companies Rewarded With Small Business (?) Round #1 PPP Loans of $10 Mil or More Had an Average Number of Employees of 4,952, an Average Annual Total Revenues of $1.021 Bil and an Average Annual CEO Total Compensation of $2.814 Mil

From a review of SEC 8-k filings, OTCBQ market information, company news releases, Washington Post  and finviz, so far I have found 20 publicly-held companies which were awarded with Small Business (?)  Round #1 PPP Loans of $10 mil or more.

The table below shows key information related to each of these 20 Companies.  I wouldn't call a single one of them a truly small businesses and 19 of them aren't even close.

Most Most
Most Most Recent Recent
Recent Recent FYE FYE
Publicly-Held Company PPP FYE Stock FYE Pretax Disclosed
Receiving CARES ACT Loan City State # of Market  Total Income CEO
Forgivable PPP Loan Amount Business HQS HQs Employees Cap Revenues (Loss) Pay
000's of $s mils of $s mils of $s mils of $s 000's of $s
Auto Nation $95,000 US Largest Auto Retailer 231 Auto Dealership Stores Ft Lauderdale FL     25,000       3,210     21,336          613     14,501
Ashford Hospitality Trust $76,000 Hotel REIT: Owns 117 Upper Scale Hotel Properties of Hotel Brands of Marriott, Hilton, Hyatt and Intercontinental Hotel Group and 90 Hotel Condominium Units at World Quest Resort in Orlando, Florida  Dallas TX  N/A             86       1,503        (142)       3,111
Braemor Hotels & Resorts (Formerly Named Ashford Hospitality Prime) $34,300 Hotel REIT: Owns 13 Luxury Hotels and Resorts Properties Dallas TX  N/A             96          488              3       2,114
Ashford Inc $16,100 Hotel Management Consulting Services Dallas TX  N/A             18          291          (14)       5,669
Meritage Hospitality Group $29,100 Restaurants: 331 Wendy's Franchisee Stores and Also Other Restaurant Concepts Grand Rapids MI     11,000            69          468            17       1,874
Ruth's Hospitality Group $20,000 Restaurants: 159 Upscale Ruth's Chris Steak Houses Winter Park FL       5,740          278          468            50       6,106
J. Alexander Holdings $15,100 Restaurants: 47 Huge Upscale Dining Locations Nashville TN       4,200            69          247              9       1,461
Fiesta Restaurant Group $10,000 Restaurants: 142 Mexican Pollo Tropical Stores in Florida & 164 Taco Cabana Stores in Texas Dallas TX     10,480          170          661          (75)       1,298
Potbelly Corp $10,000 Restaurants: 474 Sandwich Shops Chicago IL       6,000            72          410            (9)       1,668
Shake Shack Inc $10,000 Restaurants: 275 Modern Day "Roadside" Burger Stands New York NY       7,603       2,120          595            28       3,805
Luby's Inc $10,000 Restaurants: 41 Fuddruckers and 78 Luby's Cafeterias Houston TX       6,133            23          323          (15)            10
Quantum Group $10,000 Tech: Computer Storage Devices San Jose CA          800          157          403          (40)       2,253
Hallador Energy $10,000 Coal Mining Terre Haute IN          915            21          323          (82)          546
MiMedx Group $10,000 Surgical & Medical Instruments & Apparatus Marietta GA          753          411          359            (3)  N/A 
Gulf Island Fabrication $10,000 Fabricated Structural Metal Products Houston TX          944            47          303          (50)       1,581
CalAmp Corp $10,000 Communications Equipment Irvine CA          882          218          364            24       2,814
IDT Corp $10,000 Communication Services Newark NJ       1,285          146       1,409              1       1,559
Harte Hanks $10,000 Direct Mail Advertising Services San Antonio TX       1,151            11          218          (25)          304
Freight Car America $10,000 Railroad Equipment Manufacturing Chicago IL          496            19          230          (75)       2,161
Universal Stainless & Alloy Products $10,000 Steel Products Manufacturing Bridgeville PA          795            66          243              4          634
Totals all 20 Companies     84,177       7,307     30,641          217     53,469
Average Per Company       4,952          365       1,021            11       2,814