While the PPP was set up to provide aid for struggling small businesses, many public companies have disclosed receiving funds from the program. This has created a backlash from small businesses unable to tap the program and the public at large.

Morgan Stanley equity strategist Todd Castagno highlighted that public firms receiving aid ranged in size from $1.1-$404.9 million, employees size of 14-10,480, sales of $0-$660.9 million, and net income of ($193.6M)-$33.2 million.

Of the public companies that have disclosed receiving funds from the PPP, approx. 77% come from the Manufacturing, Accommodation & Food Services and Information NAICS Sectors.

Below is a list of the 40 Largest PPP Loans Disclosed by Public Companies, complied by Morgan Stanley Research:

• J. Alexanders Corp. (NYSE: JAX)
• Fiesta Restaurant (NASDAQ: FRGI)
• Hallador Energy (NASDAQ: HNRG)
• Potbelly (NASDAQ: PBPB)
• Quantum Corporation (NASDAQ: QMCO)
• Broadwind Energy (NASDAQ: BWEN)
• ZAGG, Inc. (NASDAQ: ZAGG)
• Air T, Inc. (NASDAQ: AIRT)
• WAVE Life Sciences (NASDAQ: WVE)
• New Age Beverages (NASDAQ: NBEV)
• DMC Global (NASDAQ: BOOM)
• TSR, Inc. (NASDAQ: TSRI)
• Lindblad Expeditions Holdings (NASDAQ: LIND)
• Legacy Housing (NASDAQ: LEGH)
• Veritone One (NASDAQ: VERI)
• Kura Sushi (NASDAQ: KRUS)
• Protech Home Medical (PTQ:CN)
• Perma-Fix (NASDAQ: PESI)
• Escalade (NASDAQ: ESCA)
• Misonix (NASDAQ: MSON)
• Digimarc Corporation (NASDAQ: DMRC)
• Stifel Financial (NYSE: SF)
• Frequency Electronics (NASDAQ: FEIM)
• ENGlobal (NASDAQ: ENG)
• MannKind (NASDAQ: MNKD)
• Aquestive Therapeutics Inc. (NASDAQ: AQST)
• CPI Aerostructures (NYSE: CVU)
• Flotek Industries (NYSE: FTK)
• Emmis Communications (NASDAQ: EMMS)
• ConforMIS Inc (NASDAQ: CFMS)
• Natural Gas Services Group, Inc. (NYSE: NGS)
• OptiNose (NASDAQ: OPTN)
• U.S. Auto Parts Network (NASDAQ: PRTS)
• Crawford United (OTC: CRAWA)
• Vasomedical, Inc. (OTC: VASO)
• PolarityTE (NASDAQ: PTE)
• Ultralife Corp. (NASDAQ: ULBI)
• Adamis Pharmaceuticals (NASDAQ: ADMP)
• Ballantyne Strong (NYSE: BTN)
• Biolase (NASDAQ: BIOL)

Left off Morgan Stanley's list was Ruth's Hospitality Group, Inc. (NASDAQ: RUTH), which received $20 million, and Shake Shake (NASDAQ: SHAK), which received $10 million but has since returned it.

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