Friday, April 24, 2020

Facing furor, Ruth's Chris high-end steak chain returns $20M small-business loan

Yahoo Finance
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. . . . more