Ruth’s Chris Steakhouse owner says it will repay $20 million in small business loans

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 (PPP). 

“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,” the President and CEO Cheryl J. Henry said in a statement. 

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. 

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