Ruth’s Chris Steak House yesterday became the latest of several chain restaurants to announce it will return a loan it received through the federal Paycheck Protection Program (PPP) intended for small businesses, The Hill reported. The restaurant chain received a $20 million loan through the PPP, a program included in the $2.2 trillion stimulus bill last month and managed by the Small Business Administration. The chain claimed eligibility for the aid by showing it has fewer than 500 employees at each of its more than 100 individual locations in the U.S., Canada and Mexico. Shake Shack, which obtained a loan under a similar rationale, announced it would return the funds earlier this week. Another restaurant chain that received PPP aid, Sweetgreen, also said it would return the $10 million loan yesterday. Kura Sushi announced it will return its $5.98 million loan, which it received after closing its more than 400 U.S. locations in mid-March.
