ANNOUNCEMENT 24 Jun 2021

In June 2021, the subchapter S corporation Pappas Restaurants Inc was granted loan forgiveness under the Paycheck Protection Programme (PPP) worth 10.1 million USD.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

U.S. Small Business Administration. Office of Capital Access. PPP FOIA. Data and Resources.
https://data.sba.gov/dataset/ppp-foia

U.S. Small Business Administration. Programmes. First Draw PPP Loan.
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/first-draw-ppp-loan

U.S. Small Business Administration. Programmes. PPP loan forgiveness. https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness

Inception date: 24 Jun 2021 | Removal date: open ended

Financial grant

On 24 June 2021, the U.S. Small Business Administration forgave a loan under the Payment Protection Programme (PPP) worth USD 10.1 million to Pappas Restaurants Inc, a subchapter S corporation located in Houston, TX.

According to the North American Industry Classification System, the company operates in the field of Full-Service Restaurants.

The PPP is a programme introduced by the US federal government in response to the Covid-19 pandemic to provide liquidity of up to USD 10 million for affected businesses and help them keep their workforce. In this regard, the federal government provides unsecured loans of up to USD 10 million with terms ranging between 24 and 60 months. The scheme was open until 31 May 2021 and distributed 11.8 million loans worth USD 800 billion.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the financial aid granted here is discriminatory.

Since the original PPP loan was forgiven, it is recorded in the Global Trade Alert database as a financial grant.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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