Chains Like Five Guys, and P.F. Changs Receive PPP Loans
The PPP Loan program has saved a lot of families and their businesses. I personally know of many businesses that were able to keep paying their employees because of the PPP Loans their business received. According to SBA.org An SBA loan " helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis." A lot of folks have called the loan a "small business loan" because that is exactly what it's intended for.
In April several Americans were upset about large companies receiving PPP loans. Shake Shack and Ruth's Chris Steak House received public backlash after they applied and took in their PPP loans. Since then, both companies have paid or returned the money they received.
The U.S. Small Business Administration revealed all the information of the different companies that took the loans. The businesses that received over $150,000 were listed out and all the information is now public knowledge. Some speculate that the reason the list was released was to avoid the previous critiques and criticisms that the loans intended for small businesses were also given to big companies.
Large restaurant companies like Ruby Tuesday, T.G.I Fridays, P.F. Changs, and Five Guys were listed as each receiving between $5 and $10 million. Yes, each company received in between $5 to $10 million. Will these companies give the money back like Shake Shack and Ruth's Chris Steak House? Only time will tell.