TAMPA (WFLA) – 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.
According to NBC News, 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.
The Small Business Administration issued an advisory Thursday clearly aimed at companies like restaurant chains Ruths’ Chris Steak House and Potbelly that received loans under the Paycheck Protection Program. The guidelines imply that unless a company can prove it was truly eligible for a loan, the money should be returned by May 7.
The PPP, which launched April 3, is intended to help small businesses with fewer than 500 employees stay afloat. The program’s initial $349 billion in funds ran out last week. The House gave final approval to $310 billion in additional funds Thursday.
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