Ruth's Chris owner to speed repayment of $20 million federal rescue loan [View all]
Ruth's Hospitality Group, owner of the Ruth's Chris Steak House chain of restaurants, on Thursday said it would quickly repay $20 million of federal rescue loans it received to help maintain payroll through the coronavirus crisis, a program aimed at small businesses.
The announcement came after the U.S. Treasury said a highly valued public company would have a hard time getting a coronavirus relief loan in the next round of funding.
It also came after public pressure, with an online petition garnering more than 260,000 signatures, asking Ruth's to give back the money.
Ruth's move on Thursday was first reported the Wall Street Journal.
A spokeswoman did not respond to requests for more details about when the loan will now be repaid, and whether the company would be able to keep paying healthcare and wages or would need to seek additional financing to do so.
https://www.msn.com/en-us/money/companies/ruths-chris-owner-to-speed-repayment-of-dollar20-million-federal-rescue-loan/ar-BB1370lM
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