WASHINGTON — The $349 billion Congress first allotted to help small businesses through the Paycheck Protection Program evaporated almost immediately after it was released last April.
When it emerged that a number of big businesses had hoovered up millions of dollars worth of loans — which are forgivable if used for payroll and other approved expenses — the backlash was swift.
To head off bad publicity, national chains like Shake Shack and Ruth’s Chris Steak House returned the loans for which they had been approved.
