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Ruth's Chris Steak House Says It Will Pay Back $20 Million Federal Loan

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The restaurant chain was harshly criticized for taking the money despite having other means of funding not available to mom and pop businesses.

NEW YORK - Ruth’s Hospitality Group Inc, 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.

It also came after public pressure, with an online petition garnering more than 260,000 signatures, asking Ruth’s to give back the money.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.

“You’re going to kill your brand,” said celebrity entrepreneur Mark Cuban said on Monday on CNBC of publicly traded companies that sought federal Paycheck Protection Program loans.

 

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