The two chain restaurants successfully applied for a total of $30 million in loans from the Paycheck Protection Program.
The company noted that it was forced to furlough employees and close shops during the pandemic, and that company officials were"surprised and disappointed" when funds for the loan program dried up.on April 10 that included the $10 million loan, the company announced the promotion of a top executive, who was also rewarded a $100,000 bonus.it would return the $20 million loan it received under the federal Paycheck Protection Program.
Although Ruth's Chris started as a small business, where its founder mortgaged her home for a $22,000 loan to start the first restaurant, the company today has more than 150 locations across the globe,The two chain restaurants are not the only big companies to have applied for, and been approved, to receive millions under the small business loan program. Shake Shack
earlier this week that it too would be returning a PPP loan it was approved for, hoping to provide relief for its employees.
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