The sandwich chain said the $10 million loan 'will go to our dedicated employees, to preserving jobs and to keeping shops open.'
, Potbelly said it only applied for the funds during the second round of the program because a large amount of federal funding was left unclaimed.
Potbelly Corporation's results for the second fiscal quarter of the year indicate that cash flow was positive at the store level since the end of May and that sales have improved from late March, when sales were down 68 percent, compared to June's mid-20 percent range. In late April, Treasury Secretary Steven Mnuchin threatened to hold big companies"criminally liable" if they failed to meet the PPP's revised requirements for accepting loans.
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