Dentist Frustrated At Being Denied Paycheck Protection Program Loan When Big Chain Restaurants Got Millions
Dr. Liana Tremmel, a dentist, was denied a PPP loan for her Regency Dental Care.
CHICAGO (CBS) — Many small business owners made numerous calls and sent numerous emails and waited for their Paycheck Protection Program loans from the federal government – only to get nothing.
They found themselves on the losing end of the government’s $349 billion stimulus. So imagine the anger some feel learning big chain restaurants grabbed millions – and quickly.
Burger chain Shake Shack received $10 million in forgivable loans. Following the backlash, the chief executive officer announced Monday that the company will give it back – and that the franchise had raised $150 million in a private equity offering.
Operators behind Ruth Chris’ Steakhouse received $20 million in loans from JP Morgan Chase, and Potbelly also scooped up a $10 million loan from the same bank.
The sandwich chain has not revealed if it will return the money.
Meanwhile, Dr. Liana Tremmel, a dentist, was denied a PPP loan for her Regency Dental Care.
“Of course it’s not fair, because a big company like that can get other fundings, right? And $10 million for people like us, it can serve a lot of other small businesses,” she said.
As to whether Regency Dental Care could keep afloat, Tremmel said she wasn’t sure.
“I was able to defer all the big loans, but the rent I still have to pay. Utilities, I still have to pay. I fear for my business because I started my business five years ago, and I grew from 900 patients to almost 2,000 patients. And this is all that I do. I live and breathe dentistry.”