7 shameful restaurants in return loans
It turns out that the embarrassment of public relations is not worth guaranteed payment for pandemic losses.
An increasing number of national catering chains remain multi-federal dollar relief loans designed to help small businesses fight as a result of this global pandemic.
The COVID-19 epidemic has maintained the US economy and no doubt, no industry has been worse than restoration and catering companies. The locking guidelines have obtained almost all the restaurants across the country, who made those who arebelonging locally particularly vulnerable.
To help, the federal government has launched a small business life plan in the form of a $ 350 billion loan program, but it did not exactly exactly the start: a lot of money designed to help the " Small guy "finished by the hands of the bankers and their customers" big guys ".
Yes, national channels have also been affected, but many of them belong and operated by publicly traded companies and enjoy a greater profit margin and have an "six-month operational budget of six months to the weather" of the weather an unexpected storm like the one that We will see right now.
The shame of public relations of "Goliath" restaurant chains taking essential resources for moms and pop restaurants lead to these companies to return to federal money.Here is a handful of examples of large chains of restaurants that do the right thing by returning the loans they have received. And, to stay informed,Subscribe to our newsletter To get daily news from coronavirus, delivered directly to your inbox.
Shake Shack
The high-end national burger chain was the first to become "the child of posters" of the apparent greed of corporate restaurants, receiving $ 10 million from the paycheck protection program (PPP). In the middle of the reaction, however, founder Danny Meyer and CEO Randy Garutti announced onLinkedin their money back plans.
"Shake Shack Has the chance to be able to access the additional capital we needed to ensure our long-term stability through a stock market transaction. We are grateful for this and we decided to immediately return all the $ 10 million PPP loan we received at the SBA so that the most needed restaurants can get it now. "
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Ruth's Chris Steak House
The National Steak House Channel also attracted a lot of attention last week, some of which were on the floor of the House of Representatives, but it was not the kind of brand awareness that marketing specialists are ever looking for . The house of steak at 60 places once in New Orleans isreturn the $ 20 million of funds He received stimulus package.
Nathan's famous
Nathan's Famous Is A Small Business Designed for Government Rescue? Well, according to theNY POST,"The famous Nathan joined the company series that returned to small business loans in the middle of an outcry on large companies to become coronavirus help." The Hot Dog Hot "brand of Coney Island" plans to return the loan of $ 1.2 million that it has received via the Pay Check Protection Program for helping the main street merchants to cover payroll and Other expenses during the pandemic. "
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SweetGreen
In a message published onAverageThe salad chain and healthy cereal bowl displayed "at the end of last week, we were approved for a $ 10 million loan during the program. On the same day, we learned that the money had exhausted and so many small businesses and friends in the industry who needed it did not receive any funds. Knowing that, we quickly made the decision to return the loan. "
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Kura sushi
The National Sushis National Chain based at the PAS received $ 6 million from a small business loan, but returned it. The CEOwrote, "Today we decided to return our PPP loan. It was a difficult decision, because our employees are extremely important for us, but it is impossible to ignore the fact that our finances allow us to affect the difficulties Financial for a longer period than the owners of restaurants. We hope that these funds will be shared equitably among deserving candidates. "
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Belly
Potbelly announced the weekend of their intention to return the 10 million dollar loan from the Pay Check Protection Program for small businesses. The National Sandwich channel received the maximum loan amount, despite good market skills of $ 71.2 million.
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J. Alexander's
The parent company of the National Restoration Chain has obtained two payroll protective program loans totaling $ 15.1 million. Late last week, however, they announced their decision to return the total amount in A deposit with the Commission of Securities and American Changes . Good for them, and the rest of these restaurant chains to know the good thing to do during these difficult times.