NEW YORK (AP) — TGI Fridays and P.F. Chang’s China Bistro were among the big restaurant chains granted loans from the government’s Payroll Protection Program, according to data released by the Treasury Department on Monday.
Dallas-based TGI Fridays, which has around 500 restaurants in the U.S., obtained between $5 million and $10 million in loans from the program. TGI Fridays was bought by the New York private equity firm TriArtisan Capital Advisors in 2014. The firm also owns P.F. Chang’s China Bistro, which also obtained a loan through the PPP program.
The program was designed to help small businesses, but big hotel and restaurant chains were also allowed to apply. Under the PPP, Congress created $659 billion in low-interest loans that will be forgiven if employers use the money on payroll, rent and similar expenses. A message seeking comment was left with TGI Fridays.
P.F. Chang’s China Bistro says a loan from the government’s Payroll Protection Program helped it keep 12,000 workers employed and transition its restaurants to carryout during the coronavirus pandemic. Scottsdale, Arizona-based P.F. Chang’s, which has more than 210 restaurants in the U.S., received between $5 million and $10 million from the PPP program, according to the government data.
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