Posted on 04/24/2020 4:33:04 PM PDT by caww
Ruth’s Hospitality Group operates more than 100 steakhouses in the United States but was able to secure the loan through the Paycheck Protection Program (PPP).
“In an effort to protect our team members and their loved ones, Ruth’s Hospitality Group applied for and received loans under the federal government’s Paycheck Protection Program. We were eligible for this assistance, and our goal was to utilize funds to keep as many of our team members working for as long as possible, cover 100% of health care benefits and position Ruth’s Chris to rebuild its workforce as quickly as possible,”
.... As we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment. We remain dedicated to protecting our hardworking team. It is our hope that these funds are loaned to another company to protect their employees, just as we intended,” the company stated.
Several other companies, including Shake Shack and Sweetgreen, have also given back the money they received.
The Department of Treasury warned in updated guidelines that companies should only apply for a loan through PPP if it’s necessary.
It’s “unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith,” the department stated.
(Excerpt) Read more at theepochtimes.com ...
Good for them!
I’ve been there once, but probably won’t go again since their meals are about $70 a head. It was very good though!
They’re doing the right thing. Nice to see!
A smart businessman should not like having another of the government’s tentacles wiggling around in their pockets...
Why did they take it in the first place?
Back in the 80’s I used to eat there nearly every month by winning a contest at work for keeping My Work area cleaner than anybody else’s and bringing in the Most completed Repairs. (Paid for Automotive Repairs). Until the Owner discontinued the Contest because I was costing him too much money. (His Idea and Rules for the Contest. The place to eat Dinner at was Winners choice and He didn’t think things all the way through I guess.)
Then back in the early 2000 RC had a Buffalo Ribeye Promotion that required Reservations if You wanted the Buffalo Ribeye. I made Reservations 2 Days in advance, I got a Phone call confirmation and E-Mail as well. When I arrived at RC they told Me that they had RUN OUT !!!
I haven’t been back to RC since. POS’s can KMA !!!!!
Ruth Chris is a great eating establishment.....A family member in the Hospitality Industry was once one of their managers...
I think Hannity goes there quite a bit....
I thought so too!
The ‘loan’ was to keep paying employees even though they were home and the business closed due to the virus. So when things ipen up you retain your same employees. It’s a win win for both.
We have a similar place in Seattle called The Metropolitan Grill. Same sort of setup but meals are all inclusive plus the atmosphere is like out of the 1930's motif.
Ruth Crist’s is a multi-million business. That money was for those mom and pop stores. The few huge companies wiped out the money for those small businesses that it was designed for.
I’m the Quartermaster of our local VFW. The National VFW sent out the application to apply for the PPP loan. I was asked to complete the application and proceed to complete it. And then I got to the first “certification”. Stop. Do not pass go. We’re not super wealthy but we had a few $100k set aside for an expansion. That went on hold and we continued to pay our people and gave food away at the curb with a different meal each day. I called the board of officers and said, “I can’t certify the application” because in good faith I could not certify the following on the application: Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
The fact that they even took this loan....is grounds for NEVER supporting this place, again.
I am sure their CFO could not pass up the opportunity for free money they might not even have to pay back. Their marketing folks probably had something else to say about it.
My son and his wife run a small business that makes premium candles and pottery. They jumped through all the hoops and were approved for the PPP loan through a large bank with billion$ in assets. According to the rules, the loan was supposed to be funded in 10 days. As that deadline approached, they began getting the run-around from the loan officer and her supervisor.
While my son hated school and ended his formal education with a GED, he’s a very savvy businessman. He did some checking with other business owners and bankers and other financial institutions and discovered his bank was slow-rolling him. So, instead of going to the media, he called the bank’s headquarters and asked the receptionist for the e-mail address of the CEO. Surprisingly, she gave it to him.
So, my son sent the bank CEO a detailed e-mail on his situation and how the bank had delayed funding, despite the fact he had met all requirements. Early this morning, he got an e-mail from the CEO (not a form reply), indicating he was looking into the matter. At 7:45, the bank CEO called my son on his cell phone, apologized for the delay and told him he would have the money today. Less than 10 minutes later, the loan officer called with the “good news,” and sure enough, the money was in his account before 9 am.
I wonder how many other eligible businesses and organizations are experiencing the same hassles, and haven’t been able to find someone at their bank who can break the logjam. So many small businesses are reaching the point of no return. Glad that many are getting the money, but others who have been approved need their funds as well.
Organizations who are struggling should not have to jump through hoops to get what was intended.
and the Best Pizza at Pie in the Sky
But can we afford it? I’m just a working stiff, when I’m not hospitalized/homeborn re cancer, and I live in the DC area where prices for anything like this are sky-high to the point you need an oxygen mask just to enter these type restaurants.
We have a new little grill. Time to visit my local supermarket and get a bunch of good steaks for the price of one Ruth’s meal.
#19. the word should have been “homebound”, not “homeborn”. Spellcheck strikes again.
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