According to CNBC.com, it took 250,000 signatures for Ruth's Chris' Steakhouse to listen and give the money they took from small businesses back.
The company was granted a total of $20 million in loans in early April, according to an SEC filing. The PPP was created to aid struggling small businesses cover payroll and expenses and it has given out nearly $600 million in loans to about 150 public companies. However, the program ran out of money last week and Congress is expecting to grant an additional $320 billion to meet demand. While the program had a $10 million loan limit, big hotel and restaurant businesses were able to apply. Consequently, many small-business owners were unable to receive any financial assistance before the initial funding ran out.
Ruth's Chris' CEO, Cheryl J. Henry released the following statement.
“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."
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