Shake Shack, Ruth's Chris Steak House get federal loan money meant for small businesses affected by virus
WASHINGTON/SAN FRANCISCO - Over two frantic weeks, the U.S. government pledged $350 billion to Main Street businesses across America desperate for cash after coronavirus lockdowns.
The SBA does not make the loans directly but instead backs loans made by participating financial firms. Loans of $2 million or more made up nearly 28% of the total, and those of at least $5 million accounted for 9%, with a number of those going to companies with access to public securities markets. Shake Shack Inc, Ruth Hospitality Group Inc, Potbelly Corp and Fiesta Restaurant Group's Texas Taco Cabana all borrowed $10 million under the program through JP Morgan Chase & Co, SEC filings show.All have more than 500 employees.
"Every penny will be used to financially support the employees in our shops," said Potbelly’s Chief People Officer Matt Revord.
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