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Photo: John Greim/LightRocket via Getty Images)

Ruth's Hospitality Group, which owns the Ruth's Chris Steak House, says the company will return the $20 million it received from the small business relief program, NBC News reports.

Why it matters: The multimillion-dollar company, which has over 100 steakhouses in North America, secured $10 million in loans for each of its two subsidiaries. It was able to secure the money because it has fewer than 500 employees at each location. The ordeal has sparked backlash and highlighted the loopholes in the hastily written relief package.

What's happening: The Treasury Department has asked other publicly traded companies to repay the loans they received from the Paycheck Protection Program, which had aimed to help small businesses affected by the coronavirus pandemic.

What they're saying:

“We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment.”
— Ruth's Chris President and CEO Cheryl J. Henry, per CNBC

Note: Axios qualified for a loan under this program. More details here.

Go deeper

7 mins ago - Podcasts

Former FDA chief Rob Califf on the vaccine approval process

The U.S. Food and Drug Administration (FDA) is reviewing two emergency use authorization requests for COVID-19 vaccines, with an outside advisory committee scheduled to meet next Thursday to review data from Pfizer and its German partner BioNTech.

Axios Re:Cap digs in with former FDA commissioner Rob Calif about the EUA process, the science and who should make the final call.

12 mins ago - Politics & Policy

The recovery needs rocket fuel

Data: BLS. Chart: Axios Visuals

Friday's deeply disappointing jobs report should light a fire under Congress, which has dithered despite signs the economy is struggling to kick back into gear.

Driving the news: President-elect Biden said Friday afternoon in Wilmington that he supports another round of $1,200 checks.

1 hour ago - Health

CDC: It's time for "universal face mask use"

Photo: Paul Hennessy/SOPA Images/LightRocket via Getty

The CDC is urging “universal face mask use” for the first time since the coronavirus pandemic began, citing recent case spikes as the U.S. has entered a phase of “high-level transmission” before winter officially begins.

Why it matters: Daily COVID-related deaths across the U.S. hit a new record on Wednesday. Face coverings have been shown to increase protection of the wearer and those around them, despite some Americans' reluctance to use them.