Restaurant chain is among first to disclose SBA funds received under federal rescue package
The owner of the high-end Ruth’s Chris Steak House chain is among the first public companies to disclose it has received a government-backed loan to keep people on its payroll.
Ruth’s Hospitality Group Inc., a company with more than 5,000 workers, received $20 million in forgivable loans on April 7, according to a securities filing. That is four days after the Small Business Administration opened the application window on its $350 billion Payroll Protection Program....
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39 comments:
Brand newly created US Dollars!
It helps when you have politicians in your back pocket. They only ones to receive aid are businesses owned by politicians or friends of politicians.
How much did you get Joe?!
Incredible.
Nice since its one of the Highest contributer to anchor babies on the shore.
$50 steak...wages have to be high
And the coe got $100.000
The plan is to restructure the economy so it functions more like a communist model (top down). The US Dollar is in big trouble since it has been printed into oblivion. The prices of natural resources no longer made sense given how many US Dollars had been created since 2008.
Do the pandemic is the perfect excuse (reason) for the reset. Most people will believe the virus hurt the economy, instead of the virus being used as the excuse for the reset.
The Fed is printing currency for many big businesses to keep them afloat. Ruth Chris is just one small example.
Can I get a forgivable loan so that I Can afford to eat there?
When they reopen, I can take my wife and spend my $1200 check for a dinner for two!
Maybe a limit was needed on how much a business could ask for since the program is now out of money. I feel like we bail out way to many businesses at the expense of the tax payer. How many non corrupt businesses actually benefit? Maybe more businesses would save for a rainy day.
12:37, to answer your smart ass question, nothing. I did not file for relief both in business or personally. Take your negativity elsewhere.
Welp folks the blame for this nonsense can be traced right back to all of you. All of Congress and the WH should be locked up for what amounts to politicians and their corporate buddies raiding the treasury for their own personal wealth. While you idiots screamed "libtard" and blindly followed Trump and the GOP, they set their own rules to hand over 100's of billions of dollars to their friends and in their pockets. And you can save the "liberal" insults. Dems are right in the mix of robbing the bank too. Republicans, including Trump, and Dems, along with Rush's and Hannity's of the world, keep you at each others throats over Rep vs Dem politics. The politicians and tv talking heads are hanging at the fancy parties eating good and sipping premium cocktails off of your dime. All because you refuse to think critically, ask the hard questions, hold all politicians accountable, and cease blindly following a political party. God help us.
I feel bad for Joe. Just like any other small business, he spent a lot of his own money and a lot of his own time to fix up a place. Now what? Someone like Joe deserves the money. Not some huge corporation who the CEO has already made millions/billions not including the extra stock options. It is the "Joe's" that should have the help. Not the big corporations.
Just because the steak is high priced What's wrong with them getting money to employ 5000 workers?
There was a limit to the loan amount, but it was "per location".... so chain stores/restaurants with less than 500 employees at each location could still apply. They, in no way whatsoever, qualify as SMALL businesses. That is a truly disgusting loophole. Joe... please do a poll on how many businesses on the shore applied, how long it was before they heard back, and if they have been approved yet!! Using local banks has put us all at a disadvantage.
From someone who did file for the PPP and DID NOT GET IT - we went with a regional bank here in Salisbury - not a local bank - not that many local banks were participating. However when this is all over we are moving our account to a local bank! Applied, received a confirmation number less than 400 - obviously do not want to give out the actual number - applied April 4 at 4am in the morning the day they started taking applications - On Monday April 13 bank had an online status check - we checked and was told our application was under review so we decided to contact the local branch Tuesday, April 14 and was told our application needed payroll during February of 2020 provided information - promised every attempt would be made to get it attached to our application - waited 8 days (since original application) and was sent a email at 8pm Wednesday night by the regional bank - not local branch claiming our application was incorrect - they did not get our attachments - replied within 20 minutes because I had a Zip drive taken from our office to home with complete application and attachments. Never heard again from the bank. Now we need to decide next week whether to furlough our employees. Learned later that a bunch of businesses got same type of email on Thursday night - I think it was to cover the bank's ass - blame us that something was wrong with application. Such a great program but should never have been left in the hands of banks.
3:21 I really think most local banks did not participate (not completely sure) - it was PNC (which I heard failed miserably - search Twitter - PNC PPP) M and T - Bank of America - you can get the list off of the SBA website just type in your zip code and the banks should come up.
That's NOT a damn small business !!! & that $$$ should have gone to them First !!! That is way too much for one like this to be getting !!!
Ruth's Chris is overrated. The food is plausible - not great. Way too expensive. Probably because they give a lot of free dinners to people hoping they will buy into their franchise. I prefer a good steak without the stuffy atmosphere. To me it's right up there with Starbucks - too expensive. Won't waste my money.
They do make a good martini and NY strip I’ll give them that.
Ruths Chris like Morton's over-rated, over-priced.
They do make a good martini and NY strip I’ll give them that.
12:41 you got my curiosity up. How does Ruth"s Chris contribute to anchor babies? Some real facts would be nice.
Stopped reading after first sentence.
Please jump out of a plane without a parachute.
To attack Trump shows you are a dishonest liberal trying to hide behind your independent cloak.
We are wise to you and your gang.
Someday soon the retribution will start then we will see how much of a tough guy you are.
To attack Trump....you are the living walking example of a minion.
Total BS,it says the lobbyists put in for the money that’s why it’s the swamp.
They must have Democrat connections like Hillary to get that much !!!!
I can't even get my piss ass Unemployment & they get $$ Millions !!!!
His own money my ass! Try Mark from Royal Plus
I can name much better restaurants with excellent food and they are usually small business owners. Don't always go with well known big name restaurants. Look for that great gem. I have found so many small business restaurants where customers are waiting outside to get in and the food is excellent 👍
It is fun to discover these places.
I'm sure Eastern Shore has a few - Red 🐓.
them what needs it the most...
i need me stimalus check so i can get me some lottrey tikets
The revolution will begin shortly.
It's historically inevitable.
Entropy demands it, too.
Keep cheering.
Blogger JoeAlbero said...
12:37, to answer your smart ass question, nothing. I did not file for relief both in business or personally. Take your negativity elsewhere.
April 17, 2020 at 1:35 PM
While I agree with you about smart-ass comments, you have to recognize that this blog is a hotspot for such comments and attitudes. Don't you?
100% this!
This would be extremely interesting to know!
This is the example to ask the question why the sby airport received an $18,000,000 grant for Coronavirus preparation. The airport has an annual $2,200,000 budget with only 9 employees on the county airport payroll. Just makes you wonder what expenses the county had to implement and maintain to warrant an $18,000,000 reimbursement grant while Ruth’s Chris Steak received $20,000,000 with 5000 employees.
Congresses favored "slumming spot" for brunch.
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