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. @RuthsChris had $42.2 million in profits last year, spent $5.2M buying its own stock, and pays its CEO $6.1M
It has $86M in cash reserves
It just received $20M in taxpayer money from a fund meant to keep "small businesses" afloat
But it gets worse https://popular.info/p/a-raw-deal
It has $86M in cash reserves
It just received $20M in taxpayer money from a fund meant to keep "small businesses" afloat
But it gets worse https://popular.info/p/a-raw-deal
2. The purpose of the Paycheck Protection Program is to keep people employed
But a Popular Information investigation reveals @RuthsChris has furloughed nearly all of its restaurant workers
It appears the $20M will be spent paying managers & executives https://popular.info/p/a-raw-deal
But a Popular Information investigation reveals @RuthsChris has furloughed nearly all of its restaurant workers
It appears the $20M will be spent paying managers & executives https://popular.info/p/a-raw-deal
3. Many small businesses on the brink of collapse were shut out of the program because the $ ran out
Companies like @RuthsChris, w/preexisting banking relationships, were put at the front of the line
@RuthsChris did not respond to my request for comment https://popular.info/p/a-raw-deal
Companies like @RuthsChris, w/preexisting banking relationships, were put at the front of the line
@RuthsChris did not respond to my request for comment https://popular.info/p/a-raw-deal
4. @RuthsChris is taking this money because it likes money and is betting that no one will notice
Accountability journalism can change the the dynamics by bringing attention to this kind of behavior
Sign up for my newsletter to stay informed
http://popular.info/susbcribe
Accountability journalism can change the the dynamics by bringing attention to this kind of behavior
Sign up for my newsletter to stay informed
http://popular.info/susbcribe
5. It's not too late for @RuthsChris to do the right thing. This morning, @shakeshack announced it was returning its $10 million "small business" loan
https://www.nbcnews.com/news/us-news/shake-shack-returning-10-million-government-loan-meant-small-businesses-n1187541
https://www.nbcnews.com/news/us-news/shake-shack-returning-10-million-government-loan-meant-small-businesses-n1187541
6. Like @shakeshack, @RuthsChris has other sources of cash. Prior to getting $20 million from taxpayers, it drew down tens of millions from existing credit lines. https://popular.info/p/a-raw-deal
7. Congress is getting ready to add another $300 billion to this program. Would be a good idea to make sure that, this time, the money actually goes to the people that need it the most https://popular.info/p/a-raw-deal
