Popular Information reported that, before the Paycheck Protection Program ran dry, the parent company of Ruth’s Chris Steak House obtained a $20 million forgivable loan. The publicly-traded corporation, Ruth’s Hospitality Group, is not small. It brought in over $441 million in revenue last year, maintains $86 million cash reserves, and pays its CEO, Cheryl J. Henry, $6.1 million. Despite the influx of free cash, Ruth’s Chris has laid off virtually all of its hourly restaurant staff.
Ruth’s Chris is the tip of the iceberg. A Popular Information investigation has identified 32 additional publicly-traded companies that pay their CEOs $1 million or more and have scooped up funds intended for struggling small businesses.