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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRuth's Chris Steak House Gets $20 Million From Coronavirus Aid Program
I thought this program was for biz with under 500 employees!The owner of the high-end Ruths Chris Steak House chain is among the first public companies to disclose it has received a government-backed loan to keep people on its payroll.
Ruths Hospitality Group Inc., a company with more than 5,000 workers, received $20 million in forgivable loans on April 7, according to a securities filing. That is four days after the Small Business Administration opened the application window on its $350 billion Payroll Protection Program.
https://www.wsj.com/amp/articles/ruths-chris-steak-house-gets-20-million-from-coronavirus-aid-program-11586895864?fbclid=IwAR3G7XSC3t9MlhVTDffnyNdeVwb1fgvRiqY5Dqg7rXhR04Wk_gRcMKCIL9Y
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Ruth's Chris Steak House Gets $20 Million From Coronavirus Aid Program (Original Post)
Cattledog
Apr 2020
OP
jberryhill
(62,444 posts)1. The PPP loans have to be used for payroll expenses
i.e. payroll, medical insurance, and a limited number of other allowable operating expenses.
The alternative is simply dumping the employees.
FoxNewsSucks
(10,375 posts)3. The loan can be used for anything.
to be forgiven, a minimum of 75% had to go to payroll. I heard on Randi Rhodes and Thom Hartmann that big companies were using this to replace 4, 5 or 6% lines of credit with a 1% government loan.
Not what the program should have been for.
jberryhill
(62,444 posts)4. Some of it depends on one's bank's interpretation
But even if 25% of it is paying other expenses, I don't see that as a bad thing. That money all circulates somewhere, which is the point.
FoxNewsSucks
(10,375 posts)2. Yet actual small businesses
who asked for 5 figure loans to actually pay their employees got the shaft.