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Cramer Blasts Big Restaurants, Their Bankers For 'Shameful' Bailout

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Cramer Blasts Big Restaurants, Their Bankers For 'Shameful' Bailout

The list of companies both big and small that were granted a portion of the Payroll Protection Program (PPP) is puzzling, CNBC's Jim Cramer said on "Squawk on the Street" Monday. 

Cramer Calls Bankers 'Shameful' 

High-end steakhouse chain Ruth's Chris is among the small handful of large restaurant chains that were granted a loan from the PPP, Cramer said. The bankers that facilitated the loans are also "shameful people" because they know the program is meant to help small businesses, he said. 

"I would love to know their names and I bet you there are people at those banks that would love to give them to us." 

It is public knowledge that JPMorgan Chase & Co. (NYSE: JPM) gave the "most money to public companies" through the PPP program, "Squawk on the Street" co-host Carl Quintanilla said, adding that the JPMorgan relationship is "powerful."

Cramer Says His Restaurant Couldn't Obtain Loan

Cramer also owns a restaurant, Bar San Miguel, and said the six-person management team didn't get a PPP loan. He questions how a public restaurant like Potbelly Corp (NASDAQ: PBPB) qualified for funds when his small restaurant did not. 

Cramer: 'Such An Outrage'

If Cramer's restaurant qualifies for funds under the PPP in the near-term, critics would likely point out this was only the result of his rant, he said.

"I don't give a damn — I just thought this whole thing was such an outrage." 

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Mark Cuban Says Shake Shack Returned $10M Only After 'Public Outcry'

 

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