The Aspen Institute had previously defended taking the loan, saying it was hit hard by pandemic-related shutdowns because a significant portion of its revenue comes from in-person events. It projected a $14 to $17 million loss. But the think tank became the target of scrutiny that earlier forced companies such as Shake Shack and Ruth’s Hospitality Group to return Paycheck Protection Program loans they received.
„We believe that our application, which was made in the first week of the PPP, was consistent with the goals of the program,“ said the institute in a statement Thursday. „Upon listening to our communities and further reflection, we have made the decision to return the loan.“
The announcement illustrated public concern about the implementation about the small business aid program, which Congress is preparing to revamp.
Reflecting worries about loan money going to well-financed elites, House Democrats on Thursday unveiled plans to limit the aid from lining the pockets of political insiders.
Source: politico.com
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