One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
Kura Sushi Got A $6M Gov't Loan. They Have Access To Millions In Cash Already
The "revolving sushi bar" restaurant Kura Sushi is one of the 112,967 small businesses in California that have received a Paycheck Protection Program loan so far.
That's the $349 billion loan program created by Congress to encourage companies to continue paying their employees.
But the Irvine-based company might not seem like a small business: it has 25 locations in five states, $24 million in cash on hand, and access to $20 million more through a loan from its majority stockholder, a Japanese company.
“It’s outrageous that companies that know they have funding available to them are asking for this kind of money,” said John Kabateck, the California state director of the National Federation of Independent Businesses.
READ THE FULL STORY:
Our news is free on LAist. To make sure you get our coverage: Sign up for our daily coronavirus newsletter. To support our non-profit public service journalism: Donate Now.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
