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DISTRESSED DAILY: PPP Loan Snafus Prompt Steakhouse Bankruptcy

March 21, 2022, 12:36 PM

When a chain of steakhouses fell on hard times during the pandemic, it turned to the Paycheck Protection Program loans for help. Two years later, that debt helped bankrupt the company.

BLT Restaurant Group filed for Chapter 11 bankruptcy on Friday after it was left with unforgiven PPP loans and failed to qualify for additional relief funds. The 16-year-old company, which operates BLT Prime on New York’s Upper East Side, BLT Steak in Midtown East, and additional restaurants from Charlotte to Seoul, halted most operations during the pandemic, and turned one of its New York locations into a relief kitchen ...