P.F. Chang's, Ruby Tuesday, T.G.I. Friday's and Five Guys are among the companies that received millions in PPP loans.
and several other publicly traded companies returned their loans after drawing backlash for taking money from the quickly depleted fund., received loans of between $5 million to $10 million each. Their parent company, which was one of the few public companies to receive funds this round, has a market value of $30 million.
Other well-known restaurant recipients include full-service dining chains like Ruby Tuesday, Ted's Montana Grill, P.F. Chang's and T.G.I. Friday's. The full-service industry has been slow to recover, even as many states reopen indoor and outdoor dining. Full-service restaurant transactions fell 25% in the week ended June 28 compared to the year-ago period, according to the NPD Group.
Many of the large full-service chains that received PPP loans are backed by private equity firms. TriArtisan Capital Advisors owns the majority stake of T.G.I. Friday's, for example. The chain was supposed to go public this yearFast-casual chains, including Dig Inn, Five Guys, Mod Pizza and Chopt, received PPP loans of at least $5 million. Bluestone Lane, a venture capital-backed coffee chain, also got a loan of at least $5 million.
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