Steak House Chain To Return $20M Bailout After Furor

ABC News reports:

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.

The PPP was designed to throw a financial lifeline to the millions of small businesses who have seen revenues plunge due to social distancing lockdowns — but the hastily conceived program left thousands of applicants high and dry, after funds were snapped up in less than two weeks.

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.