[CNBC] - Ruth’s Chris Steakhouse owner, Ruth’s Hospitality Group, announced Thursday that it is repaying the $20 million it received under the federal government’s Paycheck Protection Program.
- By applying through two subsidiaries, the company was granted a total of $20 million in loans in early April, according to an SEC filing.
- Although larger companies qualified for the loans, they received backlash because the emergency program ran out of money before many small businesses could access it.
- Shake Shack announced last week that it would return its $10 million loan.
- The program has given out nearly $600 million in loans to about 150 public companies. However, the $349 billion program ran out of money last week, prompting Congress to inject an additional $310 billion into the fund.
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