“American’s finally care about Ruth’s Chris”
Ruth’s Chris is one of a number of major chains to tap into this fund, for which small businesses have been broadly defined to be any location with less than 500 employees. Others include the sandwich chain Potbelly and Shake Shack, both of which have faced criticism for receiving these loans. This morning, Shake Shack’s founders announced they’d return their $10 million loan.
Ruth’s Chris, which reportedly has $86 million in cash reserves, got a fat $20 million loan. Ruth’s Chris cashed in on PPP by applying through two corporate subsidiaries, obtaining twice the limit for a single company. The company has furloughed virtually all of its employees and only kept on managers.