Ruth’s Chris Steak House Gets $20 Million From Coronavirus (Small Business) Aid Program
Ruth’s Chris made $49 million last year and operates 159 restaurants. The maximum forgivable loan through the Small Business Administration is 10 million. 2 of Ruth’s Chris’s subsidiaries received $10 million each.
(From The Wall Street Journal)
The loans carry a 1% interest rate but are forgiven if the business owners use them primarily to keep staff employed. The loans were intended for businesses with fewer than 500 employees, but language in the $2 trillion stimulus bill allows restaurants and hotel chains to participate regardless of how many people they employ.