Small business owners brace for pain when $310B loan program opens Monday

Ruth’s Chris Steakhouse Says It Is Repaying Federal Small Business Loan 2,921

Ruth’s Chris Steakhouse Says It Is Repaying Federal Small Business Loan 2,921

President Donald Trump signed into law Friday an emergency aid package providing additional relief to small businesses and health care facilities, and the Small Business Administration released updated guidance that will assist the horse industry.

Regulations from the U.S. Treasury Department were revised stating that "a business that is otherwise eligible for a PPP Loan is not rendered ineligible due to its receipt of legal gaming revenues".

The Senate and the House have both approved a $500 billion stimulus package, some of which will be used to re-fund the PPP.

FICA, which manages the members-only private island off the Miami coast that can only be reached by helicopter or boat and once counted Oprah Winfrey as a member, was approved for a Paycheck Protection Program loan meant to help small businesses who had shuttered, laid off workers, or furloughed staff due to the viral outbreak.

Lyrid meteor shower 2020: Where and when to see shooting stars peak
To get the best view of the falling debris you will need to find a dark sky area during the peak night on Tuesday into Wednesday. While these rates are relatively low compared to other meteor showers, the Lyrids have been known to produce some fireballs .


The president said the legislation would be "great for small businesses" and "great for the workers", and said that it will "extend relief to thousands of African-American and Hispanic American business owners". That exemption is still allowed in a second tranche of $310 billion in small business loans that Congress voted this past week to replenish the Paycheck Protection Program. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.

Ruth's Chris Steak House, a chain that has 150 locations, said it will return its $20 million loan.

A number of large public companies have come under fire for applying for loans from the PPP, part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted by Congress to help bring financial relief in the midst of the coronavirus pandemic.

Yesterday, the SBA closed the loophole and warned publicly traded companies they probably won't qualify for the new funds.

New York State to Conduct COVID-19 Coronavirus Antibody Testing Monday
The president is right when he says that the state should lead'. "That number is still horrifically high", Cuomo said. The state says hospitalizations related to the virus continue to decline.


The Paycheck Protection Program ran out of money last week.

Like other public companies, Ruth's qualified for the PPP funding.

Gov. J.B. Pritzker said Saturday at his daily coronavirus briefing that "companies that don't need the PPP money should not accept it".

"If not, work with one accustomed to handling SBA requests", he said. "In order to financially support our in-shop employees, and based on SBA guidelines, we applied and qualified for assistance" under the PPP, Potbelly's said in a statement.

NY infection rate 'could be high as one in five'
Centers for Disease Control and Prevention has estimated that 25% of people may be asymptomatic for the disease. Today, Governor Cuomo's briefing had something else we rarely if ever see present in Trump's: kindness.


If the business spends the money outside of the SBA parameters, they have six months of deferred payment and a 1% interest rate.

Latest News