U.S. Unit of Japan's Kura Sushi to Return Federal Loans

Economy

New York, April 22 (Jiji Press)--Revolving sushi restaurant chain Kura Sushi USA Inc. will return 6 million dollars it received under a U.S. federal loan program for small businesses hit by the coronavirus outbreak, officials said Wednesday.

The U.S. unit of Japan's Kura Sushi Inc. <2695> decided on the move after facing criticism for seeking the financial support under the Paycheck Protection Program, which ran out of its initial funds amid a flood of applications.

U.S. media reports said Kura Sushi USA cannot be considered a small business as it runs 25 outlets in the United States and has 24 million dollars in cash reserves.

As the company is listed on the Nasdaq stock market, it can procure a lot of funds by issuing shares, the reports also said.

President Donald Trump's administration earmarked 350 billion dollars for the program for companies with up to 500 employees.

[Copyright The Jiji Press, Ltd.]

Jiji Press