Ruth’s Chris to return $20 million in small business loans

The parent company of Ruth’s Chris Steak House, which has been at the center of a national firestorm after it claimed $20 million from a fund meant to help small business survive the coronavirus pandemic, is returning the money.
The news, first reported by the Wall Street Journal, broke hours after the U.S. Treasury Department updated its guidance for the “Paycheck Protection Program” to say that companies applying for the potentially forgivable loans “must certify in good faith” that they truly need the money.
“For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification,” the Treasury Department wrote in a “Frequently Asked Questions” document that was updated Thursday.