Ruth's Chris will return its PPP loans after Treasury says public companies should repay [CNNMoney.com]
Ruth's Hospitality Group, Inc. (RUTH)
Last ruth's hospitality group, inc. earnings: 2/21 07:00 am
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Source: CNNMoney.com
Ruth's Chris will return its PPP loans after Treasury says public companies should repay San Francisco (CNN Business) When the $349 billion Paycheck Protection Program quickly ran dry, the big companies that landed large loans drew the ire of small businesses and their advocates. Small business owners sued their banks and "cancel culture" swung into action against such well-known brands like Ruth's ( RUTH ) Chris, Shake Shack ( SHAK ) and Potbelly ( PBPB ) that secured $40 million in PPP loans among them. In recent days, companies like Shake Shack , Kura Sushi USA and the privately held Sweetgreen buckled under the public scrutiny and announced plans to return the funds. Now the government is hoping the others pay up. Under new Treasury guidance issued Thursday , PPP borrowers must certify "in good faith" that they absolutely need the loans to keep operating. That includes taking into account aspects such as business activity and their ability to access other sources
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