Ruth's Chris says it will repay $20 million in small business loans

Ruth's Hospitality Group, the owner of Ruth's Chris Steak House, announced on Thursday it will return the $20 million it received from the federal government's Paycheck Protection Program, which was intended for small businesses to pay their employees amid the coronavirus pandemic.

The $349 billion program ran out of money quickly, and CNBC reports that nearly $600 million was given out to roughly 150 public companies. The Treasury Department has asked those companies to return their money.

There are more than 100 Ruth's Chris restaurants in North America, and the company was able to receive $10 million in loans for both of its subsidiaries. "We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding limitation of the program and the unintended impact, we have decided to accelerate that repayment," Ruth's Chris President and CEO Cheryl J. Henry said in a statement.

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Earlier this week, the fast-casual burger chain Shake Shack announced it would return its $10 million loan, after becoming aware "the first phase of the PPP was underfunded and many who need it most haven't gotten any assistance."