By last week, as it became clear that companies like Shake Shack, Potbelly and AutoNation had received loans while others struggled to get approved, the tone shifted drastically, with Mr. Mnuchin saying the program was not meant for certain companies and moving to tighten eligibility requirements. Companies with “substantial market value and access to capital markets” should be ready to demonstrate why they need the money, the Treasury Department said.

As of Tuesday afternoon, the Small Business Administration had approved a total of nearly two million loans. President Trump, eager to portray the program as a success, convened an event at the White House with recipients of the small-business loans.

“We’re processing loans at a pace never achieved before,” he said, adding that he was pleased that more loans appeared to be reaching smaller companies in the second round of the program. The president brought forward everyone from an owner of a seafood restaurant in Virginia to a coffee shop owner in North Carolina to say how grateful they were for the money.

More than 100 companies have disclosed loans of more than $2 million, yet most have chosen to keep the money. So far, only 22 private and public companies have disclosed returning their funds, including the Los Angeles Lakers. Most of the companies returning money insist they qualified under the Treasury Department’s initial terms, but opted to return the loans once it changed its guidance to avoid bad publicity.

The Lakers, which has about 300 employees, most likely qualified for the loan because the law made eligible businesses with 500 or fewer employees residing in the United States. Like the rest of the National Basketball Association, the team has taken a financial hit because games have been suspended for over a month. The management of the Lakers believed the team was in compliance with the terms of the program when it applied, according to a person with knowledge of the team’s thinking.

“The Lakers qualified for and received a loan under the Payroll Protection Program,” the franchise said in a statement, adding that it decided to return the money “once we found out the funds from the program had been depleted.”

DMC Global, an energy and industrial company based in Colorado, also said it believed it qualified for its $6.7 million loan, but chose to repay it “to avoid any further disputes at a time when the business environment is the most difficult.”