Big Restaurant Chains Have Used Up The $30M Small Business Loans For COVID-19
Big restaurant chains Potbelly Sandwich Shop and Ruth’s Chris Steak House have used the $30 million dollar federal loan that was supposed to help small businesses.
The $349 billion small-business aid package has already ran out of money. Ruth’s Hospitality Group received $20 million in loans & Potbelly Corporation got a $10 million loan.
The Paycheck Protection Program was supposed to be used for payroll and overhead costs for companies with up to 500 employees. Lawmakers decided to expanded eligibility for restaurants leaving larger companies about to take advantage of the loan.
Government watchdog’s are upset! Derek Martin of the watchdog group Accountable.US told Politico,
“What a slap in the face to the untold thousands of legitimate small businesses that will not survive this crisis, many because they couldn’t get the help they were promised from the president soon enough, if at all.”
Derek Martin
