Ruth’s Hospitality Group announced on Thursday that it is repaying $20 million in assistance loans received under the Paycheck Protection Program.
The announcement comes after the U.S. Treasury Department asked publicly traded companies to return the funds meant for small businesses taking a hit due to the coronavirus pandemic. Ruth’s Chris applied for the loans to keep its staff employed and cover health benefits while the country remained locked down. The company stated its goal was to use the loan to rebuild the restaurants’ workforce as quickly as possible.
“We intended to repay this loan in adherence with government guidelines. As we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment,” the company said in a statement. “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 steakhouse chain was among about 150 other public companies that received nearly $600 million in forgivable loans under the PPP.