Nobu, the international luxury chain of sushi restaurants and hotels has taken $27.7-M in loans from the SBA relief program as part of the Paycheck Protection Program (PPP), according to recently released government filings.
The chain includes 46 restaurants and 13 luxury hotels around the world, was co-founded by Hollywood actor Robert De Niro, chef Nobuyuki “Nobu” Matsuhisa, and film producer Meir Teper.
Nobu took 14 loans totaling about $27.7-M. Because the Small Business Administration (SBA) provides only a range for loan sizes instead of precise dollar amounts.
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“Restaurants were among the biggest recipients of the Paycheck Protection Program, a Key component of the government’s response to the economic impact of the C-19 coronavirus chaos.
The news that big, well-funded chains like Shake Shack and Ruth’s Hospitality Group had initially gotten loans set off a major outcry in April, prompting the administration to warn companies to make sure they qualified for the program. The firestorm erupted in April when it was revealed that large corporations received billions of USDs, prompting many to return the loans
Some other large chains, including Five Guys, Dig Inn, Mod Pizza, and Chopt received PPP loans of at least $5-M.The
PPP fund totals hundreds of billions of dollars and was intended to help small businesses survive the loss of revenue as The China Virus swept the nation.
While the government aid/relief money is called “loans,” they are forgivable if the businesses that received them can show they used the money to continue paying their employees.
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