Chris Potbelly and Ruth to pay off coronavirus loans for small businesses
The company noted that it had been forced to put employees on leave and close stores during the pandemic, and that company officials were “surprised and disappointed” when funds for the loan program ran out. dry up.
Potbelly, at the end of 2019, had 474 locations in 32 states in the United States.
In a SEC filing On April 10, which included the $ 10 million loan, the company announced the promotion to a senior executive, who also received a bonus of $ 100,000.
Thusday, Chris de Ruth also said he would repay the $ 20 million loan he received under the federal paycheck protection program.
Although Ruth’s Chris started out as a small business, where its founder mortgaged his house for a $ 22,000 loan to start the first restaurant, the business today has over 150 locations around the world, according to its website, including locations in Hong Kong, Tokyo, and Aruba.
The two restaurant chains aren’t the only large companies that have applied for and been approved to receive millions under the Small Business Loan Program. Shake Shack announcement Earlier this week, she would also return a PPP loan she was approved for, in the hopes of relieving her employees.
In a LinkedIn PublishCEO Randy Garutti noted that the company had “applauded the news” that businesses – including restaurant chains – could apply if they had fewer than 500 employees per location.
On Thursday, the House passed a bill for an additional $ 320 billion for the paycheck protection program.