The Orlando Sentinel reports:
Large hotel, restaurant companies getting small-business loans want to spend less of the money paying workers
The Pennsylvania investment firm that owns the Ritz-Carlton Coconut Grove in Miami has applied for as many as 48 taxpayer-backed loans under an emergency program meant to help the nation’s smallest businesses hang on to their employees through the coronavirus pandemic.
A Maryland hotel company that did more than $1.5 billion in revenue last year has applied for more than 50 loans — and been approved for about 10 so far.
I’m finding it hard to believe that a small business can “do” more than $1.5B Ameros. Seems like we have a definitions problem.
And Winter Park’s Ruth’s Hospitality Group Inc. — the parent company of Ruth’s Chris Steak House that made $42 million in profits last year and spent $41 million buying back stock and paying dividends to shareholders — revealed Monday that it has received $20 million through two small business loans.
Ruth’s Chris Steak House previously bought back shares of their stock and now they want taxpayer bailouts, and they got 2 loans?
Across the country, hotel and restaurant companies of all sizes are tapping into the “Paycheck Protection Program,” the $350 billion fund that Congress set up specifically for small businesses as part of an overall $2.2 trillion economic rescue plan.
The Paycheck Protection Plan that is now out of money, that plan? They want to do what now?
They have asked to spend less of their PPP loan proceeds on wages for workers and more on other expenses, such as mortgage principal or franchise fees that get paid to larger companies like Marriott International Inc. and McDonald’s Corp. They want to wait longer before they must rehire employees who have already been furloughed or laid off.
And we remind everyone that part of the PPP snuck in a tax cut for real estate investors, like, you know, Lord Damp Nut and the Boy Prince of New Jersey Jared Kushner.
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