Franchisees with hundreds of restaurants flew under the radar, in one case collecting $60 million in PPP loans.
Relief grants meant to buoy small businesses at the onset of the pandemic were largely absorbed by some of the nation’s biggest franchises, The Counter found in an analysis of new Paycheck Protection Program (PPP) data released by the Small Business Administration (SBA) last week. The Counter also found multiple instances where conglomerates appeared to bypass the $10 million cap on loans through the use of subsidiaries.
