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BREAKING: Kura Sushi USA, a publicly traded company worth $88 million, has returned its $6 million PPP loan

The decision comes after the Treasury Dept issued new guidelines which suggests most public companies are ineligible and should return the funds

popular.info/p/32-millionai…
Kura Sushi USA paid its CEO $259,353 last year. That's a nice salary but there are 32 publicly traded companies who paid their CEOs millions but have not yet returned their PPP loans.

They have until May 7 to do so to avoid potential liability.

popular.info/p/32-millionai…
I'll be continuing to monitor which public companies return (or decide to keep) the PPP loans and which try to get in on the second round of money.

Sign up for my newletter, Popular Information, to stay informed

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Judd Legum
@JuddLegum
1. @kroger CEO Rodney McMullen is paid $12 million per year

Sales at his stores are booming

Multiple Kroger workers have died of COVID-19

But, as the pandemic rages, McMullen plans to rescind its $2/hour "hero bonus" for hourly employees in six days

popular.info/p/anti-hero
@kroger 2. @Kroger hasn't released details of McMullen's 2020 compensation, but it's tied to metrics

Previously, one of McMullen's key metrics was "Reduction in Operating Cost as a % of Sales"

So by ending "hero pay" McMullen may be increasing his salary

popular.info/p/anti-hero
3. @Kroger confirmed to me that McMullen and other executives continue to WORK FROM HOME

So the company understands things have not returned to normal

"We have found that they can effectively serve and support our store teams while working remotely"

popular.info/p/anti-hero
Read 5 tweets
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Judd Legum
@JuddLegum
1. On February 28, just 71 days ago, Donald Trump held a rally in Charleston, South Carolina

Since then there have been 1,323,068 confirmed cases of COVID-19 in the U.S.

78,639 Americans have died.

Let's review what Trump said on February 28.

Because he'd like you to forget.
2. "Now the Democrats are politicizing the coronavirus, you know that right? Coronavirus, they’re politicizing it. We did one of the great jobs. You say, 'How’s President Trump doing?' They go, 'Oh, not good, not good.' They have no clue. They don’t have any clue."
3. Trump's point was that he was doing an amazing job dealing with the coronavirus and the Democrats, who were arguing Trump should be doing more, were "politicizing" the issue because they weren't recognizing how amazing he was doing.
Read 13 tweets
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Judd Legum
@JuddLegum
1. Many states are giving businesses the CHOICE to reopen but employees are being COERCED to show up.

They can either come back to work or lose all of their income, including unemployment

popular.info/p/return-to-wo…
2. Things are particularly bad in Ohio, which has set up a website for employers to report employees who won't come back so the state can cut off their unemployment benefits

There are no specified exemptions for the elderly or immunocompromised

popular.info/p/return-to-wo…
3. Keep in mind, all of this is happening BEFORE SCHOOLS are open.

Ohio and Kansas and other states do not provide exemptions for parents who don't have childcare options.

They are taking away state and federal unemployment benefits from families

popular.info/p/return-to-wo…
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