Syracuse, N.Y. — Syracuse-based Carrols Restaurant Group, the nation’s largest owner of Burger Kings, says it may apply for a loan under a federal program that is supposed to assist small businesses hurt by the coronavirus outbreak.

In a filing with the U.S. Securities and Exchange Commission on Monday, Carrols said it has amended a credit agreement with Wells Fargo Bank to allow it to borrow money under the Paycheck Protection Program, a business loan program approved by Congress as part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES).

It is unclear whether Carrols will follow through and apply for a loan under the program. The Small Business Administration announced Thursday that $349 billion in funding for the program had run out and it could not accept more applications.

Carrols has not responded to a request from syracuse.com | The Post-Standard for comment on Tuesday.

Senate Democratic Leader Chuck Schumer, D-NY, said Tuesday that Democratic and Republican leaders had reached an agreement on major elements of a nearly $500 billion coronavirus aid package for small businesses. The largest part of the package is an additional $300 billion for the small business loan program.

The loan program was supposed to be geared toward businesses with 500 or fewer employees, but it contains exceptions and has come under fire for handing out millions of dollars in loans to national restaurant and hotel chains before running out of money and leaving many small businesses out of luck.

Shake Shack, Ruth’s Hospitality Group and Potbelly’s each announced last week that they obtained loans worth a combined $40 million under the program. Shake Shack, a New York burger chain that employs nearly 8,000 people across 189 outlets, later said it would return the money to give smaller restaurants a chance to get government money.

The loans do not have to be paid back if they are used to cover payroll costs, and most mortgage interest, rent and utility costs over the eight-week period after the loan is made. Employee and compensation levels must be maintained for the loans to be forgiven.

Carrols is one of the largest restaurant franchisees in the United States and, with 1,099 Burger King restaurants, is the nation’s largest Burger King franchisee. It also owns 65 Popeyes restaurants. The company employs more than 27,000 people. Chairman, CEO and President Dan Accordino was paid $3.7 million in 2018.

On April 8, the company increased its line of credit with Wells Fargo by $15.4 million, raising its borrowing limit with the bank to $145.8 million.

Many of the company’s restaurants have been forced by government orders to temporarily close, except for drive-thru service. It told employees in March that it was going to slash wages 10%, but it reversed the decision after an outcry from workers.

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Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | Twitter | Facebook | 315-470-3148