Ruth Chris's steaks

[Cloaca du jour 2,148]

https://www.wsj.com/articles/ruths-chris-steak-house-gets-20-million-from-coronavirus-aid-program-11586895864

Sba working as intended?

[supermike80 1,887]

15 minutes ago, Cloaca du jour said:

https://www.wsj.com/articles/ruths-chris-steak-house-gets-20-million-from-coronavirus-aid-program-11586895864

Sba working as intended?

They do employ people.  Whats the issue?

[NorthernVike 2,083]

I thought the PPP was for employers with less than 500 employees. 

[Cloaca du jour 2,148]

2 minutes ago, NorthernVike said:

I thought the PPP was for employers with less than 500 employees. 

My thoughts also...hence the post.

[supermike80 1,887]

How many employees do they have?  I have no clue.

I cant read the article...paywall

 

[Gladiators 1,983]

Link says 5,000 total employees.  Perhaps they're a franchise and the franchisees applied for the funds at the restaurant level.

[vuduchile 1,945]

1 hour ago, NorthernVike said:

I thought the PPP was for employers with less than 500 employees. 

Are these restaurants franchises?  If so, the individual franchise groups could qualify with less than 500 employees.

If so, why would they report it as a total $ figure?  
 

Something is off here.  

[vuduchile 1,945]

19 minutes ago, Gladiators said:

Link says 5,000 total employees.  Perhaps they're a franchise and the franchisees applied for the funds at the restaurant level.

Beat me to it 

[Utilit99 4,099]

8 minutes ago, vuduchile said:

Are these restaurants franchises?  If so, the individual franchise groups could qualify with less than 500 employees.

If so, why would they report it as a total $ figure?  
 

Something is off here.  

Ruth's Chris Steak House has a franchise fee of up to $150,000, with a total initial investment range of $2,539,500 to $5,932,500.

[edjr 6,580]

They don't deliver

[NorthernVike 2,083]

The article says SBA funds.  Now If that is a SBA loan, then the article is misleading.  

 

Imagine that, fake news.  

[vuduchile 1,945]

Can anyone cut and paste the full article?  This just doesn't add up.  A public company of that size is not eligible for PPP.

The first line of the article says:

The owner of the high-end Ruth’s Chris Steak House chain is among the first public companies to disclose it has received a government-backed loan to keep people on its payroll.

How does a public company have an owner?  Isn't there a CEO, a board and shareholders instead of a single owner?

[Big Guy 1,412]

I have no clue what this is all about but I say SHUT IT DOWN!!!!  

Simply because of the name, I hate it! 

 

Shouldn't it be Ruth's & Chris's Steakhouse?

[vuduchile 1,945]

More to the story here.  So, maybe Chase was in cahoots with these chains?  I still don't fully understand how these loans got through.  If ALL restaurants were eligible regardless of size, this is yet another example of how poorly this thing was administered. 

https://nypost.com/2020/04/17/potbellys-ruths-chris-snag-coronavirus-loans-meant-for-small-business/?utm_medium=SocialFlow&utm_campaign=SocialFlow&sr_share=facebook&utm_source=NYPFacebook&fbclid=IwAR0cPc9a4Fnhs_fwaE9DpVsqwp6I750eCPjNEx-4NVPTZqMnH0gsxz0x-r4

[Cdub100 3,894]

As of February 28, 2020, it had approximately 150 company-owned and franchisee-owned restaurants worldwide.

PPP changed the rules that said 500 people per location.

[vuduchile 1,945]

15 minutes ago, Cdub100 said:

As of February 28, 2020, it had approximately 150 company-owned and franchisee-owned restaurants worldwide.

PPP changed the rules that said 500 people per location.

So what did the rule change to?  I’m confused.  
 

A single location doesn’t employ anywhere near 500 people. 

[Mookz 1,342]

5 hours ago, Big Guy said:

I have no clue what this is all about but I say SHUT IT DOWN!!!!  

Simply because of the name, I hate it! 

 

Shouldn't it be Ruth's & Chris's Steakhouse?

Thank you Big Guy, I've never understood the name.  Ruth's Chris?  Ruth owns Chris?  And it's hard to say.  

[Cdub100 3,894]

2 minutes ago, vuduchile said:

So what did the rule change to?  I’m confused.  
 

A single location doesn’t employ anywhere near 500 people. 

It was you couldn't have more than 500 employees which in total Ruth Chris has more then.

The rule changed to say 500 employees per location. Of which Ruth doesn't have more than 500 per location

Step 3. Profit.

[taco breath 424]

can we get back to the steaks?

 

[KayJay1971 239]

7 hours ago, Big Guy said:

I have no clue what this is all about but I say SHUT IT DOWN!!!!  

Simply because of the name, I hate it! 

 

Shouldn't it be Ruth's & Chris's Steakhouse?

Over four decades ago, Ruth Fertel, a divorced mother of two, mortgaged her home for $22,000 to buy a small 60-seat restaurant in New Orleans, Louisiana named Chris Steak House. Shortly thereafter, a fire forced her to change the original location and she renamed the restaurant, “Ruth's Chris Steak House.”

[Big Guy 1,412]

2 hours ago, KayJay1971 said:

Over four decades ago, Ruth Fertel, a divorced mother of two, mortgaged her home for $22,000 to buy a small 60-seat restaurant in New Orleans, Louisiana named Chris Steak House. Shortly thereafter, a fire forced her to change the original location and she renamed the restaurant, “Ruth's Chris Steak House.”

that's messed up! 

[vuduchile 1,945]

4 hours ago, Cdub100 said:

It was you couldn't have more than 500 employees which in total Ruth Chris has more then.

The rule changed to say 500 employees per location. Of which Ruth doesn't have more than 500 per location

Step 3. Profit.

What a colossal fock up.  It’s no wonder why the money ran out so fast.  

[Cruzer 1,995]

1 hour ago, vuduchile said:

What a colossal fock up.  It’s no wonder why the money ran out so fast.  

Utterly moronic. 

This rivals the Hurricane Katrina mismanagement cluster fock.

[wiffleball 4,789]

I don't like baseball cut

[wiffleball 4,789]

Trump Fires Watchdog Overseeing $2 Trillion in Coronavirus Stimulus Funds.

 

One of Democrats’ most critical hang-ups in passing Senate Republicans’ draft of the coronavirus stimulus package was that the president and Treasury Secretary Steve Mnuchin would oversee a $500 billion slush fund for businesses, leading to concerns that Trump would dip into the money to bail out his own struggling resorts and hotels. During the process, Trump assured Americans that he could handle the task responsibly: “I’ll be the oversight,” he told reporters in one of his coronavirus press conferences

[Hardcore troubadour 15,282]

Same shite all over again. Let’s hope there is some sort of clawback. I believe the loans can be forgiven,  but don’t have to be.    ......Wtf am I kidding? Banker man gets fat, working man gets thin. It’s all happened before, it will happen again.  

[Intense Observer 344]

22 hours ago, Cruzer said:

Utterly moronic. 

This rivals the Hurricane Katrina mismanagement cluster fock.

How is it mismanaged?

Other than not having enough funding and Democrats taking a vacation rather than refunding it.

[Intense Observer 344]

21 hours ago, wiffleball said:

Trump Fires Watchdog Overseeing $2 Trillion in Coronavirus Stimulus Funds.

 

One of Democrats’ most critical hang-ups in passing Senate Republicans’ draft of the coronavirus stimulus package was that the president and Treasury Secretary Steve Mnuchin would oversee a $500 billion slush fund for businesses, leading to concerns that Trump would dip into the money to bail out his own struggling resorts and hotels. During the process, Trump assured Americans that he could handle the task responsibly: “I’ll be the oversight,” he told reporters in one of his coronavirus press conferences

More fake news wishcasting by wiff.

It was  $2.5 trillion bailout. $500 billion to corporations, who provide jobs, that are being forced to close right now.

What is the problem?

Worried Trump Hotels might get a slice? If Hilton, Starwood, Marriot, casinos get a piece why shouldn't Trump Hotels?

As for oversight, Trump appointed Brian Miller to the Special IG for Pandemic Recovery position. He spent 10 years as the IG of GSA, which arguably makes him more experienced than anyone else in the country for this job. He was unanimously approved by the Senate in 2005.

You can tell the fake news sites from the real news sites because they refer to him as "Trump's lawyer" rather than "former 10 year GSA IG"

 

[Cdub100 3,894]

2 hours ago, Intense Observer said:

How is it mismanaged?

Other than not having enough funding and Democrats taking a vacation rather than refunding it.

The money needed to deploy ASAP. People love to play armchair QB

[Frozenbeernuts 2,239]

On 4/17/2020 at 3:33 PM, Mookz said:

Thank you Big Guy, I've never understood the name.  Ruth's Chris?  Ruth owns Chris?  And it's hard to say.  

If I were to take a guess, it would be named after a woman's son. Ruth's *son Chris

[vuduchile 1,945]

Steak Shack is returning millions in CARE act funds that they don't actually need.  

https://finance.yahoo.com/news/shake-shack-gets-funding-return-063901675.html

[dain11279 969]

9 minutes ago, vuduchile said:

Steak Shack is returning millions in CARE act funds that they don't actually need.  

https://finance.yahoo.com/news/shake-shack-gets-funding-return-063901675.html

Good on them

[vuduchile 1,945]

They’re giving it back, but only after major backlash.  Corporste swine. 

Chase was the lender to both Ruth’s Chris and Shake Shack 

https://www.yahoo.com/news/facing-furor-ruths-chris-high-202108065.html

[KSB2424 3,148]

This is an open ended question.  Don't most chain restaurants have franchise owners, where that owner is of one location (maybe a couple) but give a percentage kickback to the "chain".   Those Franchisee's would be small business owners, no?

I guess what I'm asking is are the chains applying for the loans to disperse to all of the individual franchisee's to float payroll and stay in business?   If so, I see no problem.

If the corporate chain is applying for funds to pocket then cash, the fock them.  However I think that caveat is the tipping scale.

[vuduchile 1,945]

21 minutes ago, KSB2424 said:

This is an open ended question.  Don't most chain restaurants have franchise owners, where that owner is of one location (maybe a couple) but give a percentage kickback to the "chain".   Those Franchisee's would be small business owners, no?

I guess what I'm asking is are the chains applying for the loans to disperse to all of the individual franchisee's to float payroll and stay in business?   If so, I see no problem.

If the corporate chain is applying for funds to pocket then cash, the fock them.  However I think that caveat is the tipping scale.

Publicly traded companies who’ve spent millions on stock buybacks in the last year are not cash strapped small business.  Period. 

[KSB2424 3,148]

5 minutes ago, vuduchile said:

Publicly traded companies who’ve spent millions on stock buybacks in the last year are not cash strapped small business.  Period. 

I'm not arguing with you, just asking a question.  I know two people who are franchise owners.  They aren't exactly loaded.  

[Alias Detective 1,394]

On 4/19/2020 at 1:11 AM, Frozenbeernuts said:

If I were to take a guess, it would be named after a woman's son. Ruth's *son Chris

Bad guess..  lol.

[Alias Detective 1,394]

10 hours ago, KSB2424 said:

I'm not arguing with you, just asking a question.  I know two people who are franchise owners.  They aren't exactly loaded.  

What franchise? 
 

I know a mcDonalds owner, Buffalo Wild Wings owner, and a Burger King owner.

 

all do quite well.

[Bill E. 703]

They are only loans if you do not use it for payroll.  I know a lawyer who got ppp and he is his only employee.  As long as it goes to his own salary he does not have to pay it back. 

[Mookz 1,342]

On 4/17/2020 at 6:05 PM, KayJay1971 said:

Over four decades ago, Ruth Fertel, a divorced mother of two, mortgaged her home for $22,000 to buy a small 60-seat restaurant in New Orleans, Louisiana named Chris Steak House. Shortly thereafter, a fire forced her to change the original location and she renamed the restaurant, “Ruth's Chris Steak House.”

"Chris Steak House" is already a weird name.  But fine.  If it was so iconic that she didn't want to change the name, she didn't have to add her own name to it.  And if she did have to do that, once they started expanding to other states that have never heard of Chris Steak House, then she could have changed it.