FICA, which manages the members-only private island off the Miami coast that can only be reached by helicopter or boat and once counted Oprah Winfrey as a member, was approved for a Paycheck Protection Program loan meant to help small businesses who had shuttered, laid off workers, or furloughed staff due to the viral outbreak. As for future funds or access to liquidity, the source said that Ruth's will "carefully weigh all options available to them". All others received at least $10 million. Two of them, Shake Shack and Kura Sushi USA, have already said they would return the funds. The Treasury Department asked public companies to return their loans before May 7, or else face charges they weren't acting "in good faith".
Hawkins-Armstrong was livid when she learned that not only did JPMorgan Chase approve a $20 million loan to Ruth's Chris, the bank also hosted a conference call to discuss ways to help their bigger clients get favorable treatment when applying for the forgivable loans.
Subsidiaries of Fiesta Restaurant Group Inc. are also determining whether or not to return loans.
[.] Another employee, an AutoNation general manager, said it was "disappointing that a large publicly traded company can cloak itself in these different entities so it can reach out and grab these millions of dollars".
Congresswoman Titus first wrote to the Small Business Administration on March 27, 2020 that, "Like any other small business, small gaming and betting establishments are in desperate need of assistance in order to rebound from this crisis". The SBA administers the PPP fund, which is run through individual banks.
Texans, Tunsil agree to record 3-year, $66M extension
The deal makes Tunsil the highest-paid offensive lineman in the National Football League and includes $50 million guaranteed. On top of that, it turns out Tunsil negotiated this contract on his own directly with HC/GM Bill O'Brien.
With fewer than 500 employees at each restaurant, the company insisted it met the eligibility requirements for the loan.
It also came after public pressure, with an online petition garnering more than 260,000 signatures, asking Ruth's to give back the money.
Now, you really have to try if you want to make people angry while doling out $350 billion in emergency cash, but the first edition of PPP managed to do that and more. However, there are much smaller credit guarantee initiatives offered by state driven small business support institutions such as the Small Enterprise Finance Agency.
In its statement, Ruth's said that it applied for and received funding "to protect our team members and their loved ones". "It is our hope that these funds are loaned to another company to protect their employees, just as we intended".