Planet Hollywood Sues Florida Bank in Alleged PPP Fraud; The Old-School Buffet Chain That Didn't Survive The Pandemic, and other C-Virus related stories

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Planet Hollywood sues Florida bank in alleged PPP fraud:

BankUnited forced Planet Hollywood and its affiliated companies to reapply for a PPP loan, for which they lost the opportunity to have at least $4.5 million forgiven.

Planet Hollywood and its affiliated companies are suing Miami-based BankUnited over roughly $6 million in Paycheck Protection Program debt, claiming that it should have been forgiven under the Coronavirus Aid, Relief and Economic Security Act.

In a lawsuit filed last week, the restaurant chain claimed that the COVID-19 pandemic-era economic stimulus would have saved at least $4.5 million “but for the fraud, negligence, and misrepresentations of BankUnited.”

The plaintiffs and Planet Hollywood International applied for and received a consolidated PPP loan of more than $7 million, which was funded April 20, 2020. The following month, BankUnited allegedly forced the plaintiffs to abandon the original loan and enter separate loan agreements for each entity with different federal Employer Identification Numbers. BankUnited claimed this was necessary to comply with the Small Business Administration’s May 4, 2020, interim final rule.

However, the lawsuit contends that the rule did not apply retroactively to loans disbursed before April 30, 2020. The restructured loans fell under the rule’s $20 million single corporate group cap called the corporate group limitation, making them ineligible for forgiveness. --->READ MORE HERE

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The Old-School Buffet Chain That Didn't Survive The Pandemic:

If you've ever frequented Old Country Buffet back in the day, you know the grand allure of scooping huge spoonfuls of the best mac and cheese, fried chicken, mashed potatoes and gravy, and salads (with all the toppings) onto your plate. Heck, maybe you took a couple of trips to the soft-serve ice cream station or dessert table to load up on pie or cheesecake slices at every visit, too. But sadly, the last Illinois-based restaurant closed in 2020 amid the COVID-19 pandemic.

While many businesses suffered setbacks during the pandemic, buffets like this one experienced even more significant losses due to the open-concept nature of the food. Additionally, while other places were able to accommodate take-out options, Old Country Buffet relied on diners coming in person to eat, which also stagnated greatly during lockdown, leading to their eventual demise. Keep in mind that it wasn't just this particular chain that didn't survive post-pandemic, because in April 2021, the parent company of numerous buffet-style restaurants, Fresh Acquisitions LLC, officially filed for bankruptcy. Some of the other brands that didn't make it through included Ryan's, Furr's Fresh Buffet, Hometown Buffet, and Tahoe Joe's Steakhouse. --->READ MORE HERE

Follow links below to relevant/related stories and resources:

Ugly Christmas Sweater among Michigan companies ordered to pay settlement over pandemic assistance

Westside Kansas Citians celebrate opening of first public, outdoor pool since pandemic

USA TODAY: Coronavirus Updates

WSJ: Coronavirus Live Updates

YAHOO NEWS: Coronavirus Live Updates

NEW YORK POST: Coronavirus The Latest

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