Earlier this week, it was reported that a restaurant chain known for its burgers and shakes was returning the loan it received as part of a government stimulus package designed to help small businesses due to the COVID-19 pandemic. Now we have learned that another chain is doing the same thing.
According to an article from Forbes, Kura Sushi announced on Wednesday that it would be giving back the $5.98 million it was granted via the Paycheck Protection Program (PPP) part of the CARES Act, and this comes on the heels of Shake Shack returning the $10 million that it had received. Chains such as Kura Sushi and Shake Shack have been criticized for getting funding from the PPP which ran out of money in under two weeks, leaving many small businesses--including independent restaurants--in a waiting game for funds. (The PPP is supposed to be set up to help small businesses maintain their payrolls.) Other chains that have also received stimulus money include Ruth's Chris Steak House and Potbelly Sandwich Shop.
Kura Sushi, which is a chain of conveyor-belt sushi spots, has approximately 25 locations in the United States with the closest outlet to Boston being in Fort Lee, NJ; the chain also has several hundred locations in Japan and Taiwan.
[Earlier Article]
Shake Shack Returning $10 Million Granted Through the CARES Act and the Paycheck Protection Program (PPP)
by Marc Hurwitz (Also follow us on Twitter at @hiddenboston)
[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]
