Facing furor, Ruth's Chris high-end steak chain returns its $20M small business loan.
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.
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. "We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment," said Henry."It is our hope that these funds are loaned to another company to protect their employees."
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