Some big restaurant chains have gotten called out in recent days for using a loophole in the $2.2 trillion coronavirus relief law to access loan money earmarked for smaller businesses.
Potbelly Sandwich Shop, for example, got a $10 million loan from the Paycheck Protection Program — the upper lending limit. Ruth’s Chris Steak House got $10 million for each of two subsidiaries.
And it’s not just restaurants. Other large businesses like hotel operators and energy companies have gotten loans for millions of dollars, according to news reports.
The $349 billion in program funding ran out on Thursday and left many small businesses shut out.
“There have been some people, some companies approved that I believe should not have been under the intent of the law,” Sen. Marco Rubio, R-Fla., and chairman of the Senate Committee on Small Business and Entrepreneurship, told CNBC on Monday.
Hamburger restaurant chain Shake Shack is among the companies to have received a $10 million loan. Company…