A statue of a horse stands at the entrance to a P.F. Chang's restaurant in Schaumburg, Illinois.
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According to restaurant data released on Monday by the Small Business Administration and the finance department, large restaurant chains received millions in loans from the Paycheck Protection Program.
Accommodation and catering companies received more than $ 42 billion from the program, representing 8.07% of total loans. Of the program's $ 660 billion, approximately $ 130 billion is still available.
The federal program was designed to help companies with fewer than 500 employees, but large hotel and restaurant chains were exempted after the coronavirus pandemic troubled their industries. In April, Shake Shack, Ruths Chris, and several other listed companies returned their loans after receiving a backlash from taking money from the rapidly depleted fund.
Famous Dave & # 39; s of America and Granite City Food & Brewery, both owned by BBQ Holdings, received loans of between $ 5 million and $ 10 million each. Its parent company, which was one of the few public companies to receive funds, has a market value of $ 30 million.
Other well-known restaurant recipients are the full-service restaurants Ruby Tuesday, Teds Montana Grill, P.F. Chang & # 39; s and T.G.I. Friday.
The full-service industry has recovered only slowly, even if many countries are opening restaurants indoors and outdoors. According to the NPD group, transactions with full-service restaurants in the week of June 28 decreased 25% compared to the same period last year.
Many of the large full-service chains that have received PPP loans are supported by private equity firms. TriArtisan Capital Advisors holds the majority stake in T.G.I. Friday for example. The chain was due to go public this year through a merger with a special-purpose acquisition company, but the deal fell apart in April.
Fast-casual chains, including Dig Inn, Five Guys, Mod Pizza, and Chopt, received PPP loans of at least USD 5 million. Bluestone Lane, a venture capital-backed coffee chain, also received a loan of at least $ 5 million.
While large fast food chains did not apply for PPP funding, their franchisees did. The operators of some McDonald’s, Wendy’s, and Yum Brands locations have received loans in the $ 5 to 10 million range. The fast food industry recovered faster than the wider restaurant industry. According to the NPD group, transactions declined only 13% in the week ending June 28th.
Find the full list of companies that have received more than $ 150,000 PPP loans.
Correction: This story was updated to reflect the fact that the data were released by both the Small Business Administration and the Finance department and included all previous Pay Check Protection Loans, not a particular round.