Facing furor, Ruth's Chris high-end steak chain returns $20M small-business loan [MSNBC.com]
Ruth's Hospitality Group, Inc. (RUTH)
Last ruth's hospitality group, inc. earnings: 2/21 07:00 am
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Source: MSNBC.com
Ruth's Chris Steak House will return the $20 million coronavirus small-business loan it procured from the government's $350 billion Paycheck Protection Program, the company announced Thursday.The PPP was designed to throw a financial lifeline to the millions of small businesses who have seen revenues plunge due to social distancing lockdowns — but the hastily conceived program left thousands of applicants high and dry, after funds were snapped up in less than two weeks.Ruth's Hospitality Group, which owns the Ruth's Chris Steak House brand, operates more than 100 steakhouses across the United States, Canada and Mexico. It managed to secure two $10 million loans, one for each of its subsidiaries.Cheryl Henry, CEO of Ruth's Hospitality Group said in a statement that the company was eligible for the funds it had applied for in order to protect employees and their families."We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding lim
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