Twenty healthcare companies returned more than $61 million in Paycheck Protection Program loans they received through the Coronavirus Aid, Relief and Economic Security Act, according to KAKE, which cited data from COVID Stimulus Watch.
Congress originally allocated $349 billion in PPP loans to help small businesses keep workers employed during the COVID-19 pandemic. After the initial funds ran out in less than two weeks, Congress added an additional $310 billion.
The Small Business Association and the Treasury Department issued dozens of guidelines after the loans were distributed, including that borrowers must show that their loan request was necessary, and announced that loans over $2 million would be reviewed.
Faced with the changing guidelines and the possibility of an audit, many companies decided to return the loans.
Below are 20 healthcare companies that gave back their PPP loans, according to KAKE. They're listed by the size of loans received.
1. MiMedx Group: $10 million
2. WAVE Life Sciences: $7.2 million
3. Harvard Bioscience: $6.1 million
4. ADMA Biologics: $5.4 million
5. Aquestive Therapeutics: $4.8 million
6. OptiNose: $4.4 million
7. Xeris Pharmaceuticals: $4.2 million
8. Neos Therapeutics: $3.6 million
9. Chembio Diagnostics: $3 million
10. TransMedics Group: $2.2 million
11. BioLife Solutions: $2.2 million
12. Durect: $2 million
13. CHF Solutions: $1.7 million
14. CytoSorbents: $1.4 million
15. Motus GI Holdings: $780,942
16. Windtree Therapeutics: $546,600
17. BioXcel Therapeutics: $537,000
18. Soleno Therapeutics: $350,445
19. Helius Medical Technologies: $323,000
20. Enochian BioSciences (Los Angeles): $272,700