A sign alerts Potbelly Sandwich Shop customers that it is open for pick-up and takeout only due to the coronavirus outbreak in Washington, D.C., U.S., on Tuesday, March 17, 2020. Photographer: Andrew Harrer/Bloomberg via Getty Images
Andrew Harrer | Bloomberg | Getty Images
Potbelly said Saturday that it will return its $10 million loan from the Payroll Protection Program intended for small businesses, making it the latest notable name to return the funds.
The sandwich shop chain follows other large, public companies like Ruth’s Chris Steakhouse and Shake Shack to give back the government funds meant to help businesses survive the coronavirus pandemic. The $350 billion total allotment ran dry earlier this month, stirring outrage against large-cap public companies who received the assistance.
The government has allocated at least $243.4 million of the PPP loans to publicly traded companies, according to research from Morgan Stanley. However, the program was primarily designed to…