The restaurant chain has been under fire for accepting stimulus loans earmarked for struggling small businesses.
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.
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. However, the chain has been under fire for accepting stimulus loans earmarked for struggling small businesses, not multimillion-dollar corporations.
Story continuesThe sushi chain announced Thursday it will be returning the funds, saying"it’s impossible to ignore the fact that our finances allow us to weather financial hardship for a longer period than independent restaurant owners.""We learned that the money had run out and so many small businesses and friends in the industry who needed it most did not receive any funds.
“I think a lot of these big companies, it’s questionable whether they can make that certification,” Mnuchin told the Fox Business Network on Wednesday. After Congress authorizes new funding for the overall program, the amount of loans the program is able to authorize will then increase by the canceled amount, according to the Small Business Administration.
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