400+ public companies receive PPP loans

Public companies across industries have continued to apply for and receive PPP Loans, often for millions of dollars, in order to help them stay afloat during the Coronavirus Crisis. We’ve analyzed this loans to see which industries are benefiting most from the CARES program.


  • Over 400 public companies received PPP loans, averaging close to $3M each
  • Consumer Discretionary, Healthcare, and Industrials sectors each received about 20% of total loan value
  • Healthcare totaled 31% of loan volume and 22% of loan value
  • Of the 17 companies receiving the maximum $10 million, 7 were in the Consumer Discretionary industry

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Consumer Discretionary companies have received the highest percentage in total dollars issued to public companies through the PPP program with Healthcare and Information Technology coming in 2nd and 3rd.


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The largest percentage of loans have been issued to Healthcare companies, while Real Estate only represents .9% of loan volume compared to over 4% of loan $ value.

Average Loan $ Value Per Sector

Sector Average
Communication Services $2,856,659
Consumer Discretionary $4,661,296
Consumer Staples $1,220,162
Energy $3,404,895
Healthcare $2,031,225
Industrials $2,834,827
Information Technology $2,264,156
Materials $2,567,405
Real Estate $12,877,287
Utilities $698,800
Grand Total $2,774,214

While two REITS are skewing the average in the Real Estate sector to $12.9M, Consumer Discretionary and Energy companies are averaging higher than the $2.8M norm at $4.7M and $3.4M in PPP loans respectively.

Top 50 Loans by $ Value

Company GICs Amount
Ashford Hospitality Trust, Inc. Real Estate $30,100,000
Ruth’s Hospitality Group, Inc Consumer Discretionary $20,000,000
Staffing 360 Solutions Industrials $19,400,000
The One Group Hospitality Inc Consumer Discretionary $18,300,000
Braemar Hotels & Resorts Inc Real Estate $15,798,980
Ark Restaurants Corp Consumer Discretionary $14,900,000
Onewater Marine Inc Consumer Discretionary $14,100,000
Energy Services of America Corporation Energy $13,139,100
Flanigan’s Entperprises Consumer Discretionary $13,100,000
Good Times Restaurants Inc Consumer Discretionary $11,600,000
Sotherly Hotels Consumer Discretionary $10,700,000
Potbelly Corp Consumer Discretionary $10,000,000
Fiesta Restaurant Group, Inc. Consumer Discretionary $10,000,000
Hallador Energy Energy $10,000,000
Quantum Corporation Information Technology $10,000,000
J. Alexander’s, LLC Consumer Discretionary $10,000,000
Shake Shack Consumer Discretionary $10,000,000
MIMEDX GROUP, INC. Healthcare $10,000,000
CalAmp Corp Information Technology $10,000,000
Universal Stainless Reports Materials $10,000,000
Stein Mart Inc Consumer Discretionary $10,000,000
Christopher & Banks Consumer Discretionary $10,000,000
IDT Domestic Telecom, Inc Communication Services $10,000,000
Luby’s Inc Consumer Discretionary $10,000,000
A.M. Castle & Co Industrials $10,000,000
Harte-Hanks Communication Services $10,000,000
Freightcar America Inc Industrials $10,000,000
Pennant Group Inc Healthcare $9,900,000
Endologix Inc Healthcare $9,800,000
Broadwind Energy, Inc Industrials $9,500,000
Zagg Inc Consumer Discretionary $9,443,728
ASURE SOFTWARE, INC. Information Technology $8,855,605
Horizon Global Company LLC Consumer Discretionary $8,700,000
Ramaco Resources, Inc. Materials $8,444,737
W&T Offshore Energy $8,400,000
Air T, Inc Industrials $8,215,100
Twin Disc, Incorporated Industrials $8,199,500
FutureFuel Corp Materials $8,180,000
Axogen, Inc. Healthcare $7,800,000
OrbComm Communication Services $7,588,107
Wave Life Sciences USA, Inc Healthcare $7,234,890
Leaf Group Ltd Consumer Discretionary $7,100,000
Cutera Inc Healthcare $7,100,000
New Age Beverages Corporation Consumer Discretionary $6,868,400
Lazydays Holdings Inc Consumer Discretionary $6,831,250
SAExploration Holdings Inc Energy $6,800,000
Rignet Inc Energy $6,800,000
DMC Global Energy $6,700,000
Sientra Inc Healthcare $6,700,000

Ten firms that applied for funds across different subsidiaries were granted multiple loans totaling more than the $10M PPP loan cap.



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