Via Yahoo Finance

American restaurant chain Ruth’s Chris Steak House will return a $20m small business loan following growing backlash over a federal coronavirus bailout that has benefitted several large companies.

Ruth’s Hospitality Group, which runs more than 100 steakhouses in the US, procured two $10m loans for its subsidiaries through the Paycheck Protection Program, which is intended to support small businesses following widespread closures in the wake of the pandemic.

But the funds were claimed within two weeks of its opening, leaving thousands of applicants without any recourse.

The company argued it met the eligibility requirements for relief because it has fewer than 500 employees at each location.

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