A $6 Million PPP Loan and Bankruptcy Keep Two Chains Afloat
- HopCat and TooJay’s are two biggest recipients that filed
- Almost 1 in 12 Chapter 11 cases list debt from federal program
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More than $6 million of federal loans wasn’t enough to keep HopCat’s beer pubs or TooJay’s sandwich delis out of bankruptcy.
They’re the two biggest recipients of Paycheck Protection Program aid, designed to prevent U.S. small businesses from collapsing during the pandemic, that filed for Chapter 11 protection, according to research by bankrutpcydata.com. Almost one out of every 12 companies that have gone bankrupt since early April got PPP loans just weeks earlier, and more are likely on the way.