It has been reported that Ruth's Chris Steakhouse has received a $20 million coronavirus relief funds to help keep the business afloat during the deadly pandemic. According to Yahoo! Finance, the restaurant chain was granted government-backed forgivable loans on April 7. Per a filing, Ruth's Hospitality Group, Inc. — which operates or franchises over 150 restaurants — confirmed that two of its subsidiaries each received $10 million from JPMorgan Chase "primarily for payroll costs."
The loans fall under the Payroll Protection Program in the $2.2 trillion CARES Act. Yahoo! notes that $10 million is the maximum loan amount available under the PPP. In addition to the relief money available to businesses, the CARES Act also sends $1,200 stimulus check to eligible taxpaying citizens. Couples will be receiving $2,400, and parents will get $500 for each child under 18. A large portion of taxpayers will be get their money directly deposited into their bank accounts from the IRS, as the department is using banking info previously provided to it during tax filings in order to send out the money.
BREAKING: No money left in fund for small businesses seeking forgivable loans to cover payroll expenses and rent during coronavirus pandemic. SBA has hit the ceiling on PPP loans for the $349 billion program, I'm told.— Jennifer Jacobs (@JenniferJJacobs) April 16, 2020
For anyone who had not provided direct deposit info to the IRS, paper checks will eventually be mailed out. A spokesperson for the Treasury said that officials expect checks to "be in the mail early next week," in a statement provided to TIME on April 16. Erica York, an economist at the nonprofit Tax Foundation also spoke with TIME, clarifying, "The vast majority of people won't have to do anything to get their recovery rebate because the IRS already has their information on file and will automatically send payments to these individuals."
York continued, "Paper checks are expected to take longer than direct deposit and likely won't be sent out all at once, but instead dispersed over a period of several weeks. People who do not have direct deposit information on file with the IRS should expect a delay in receiving their payment." York explained that, at the current rate, it could potentially take as long as five months for some Americans to get their checks. It was reported early in the month that many citizens had received their stimulus checks.0comments