J. Alexander’s snags $15M in PPP loans

J. Alexander’s Holdings has secured more than $15 million in funding under the Paycheck Protection Program, a move that has nearly doubled the restaurant company’s cash on hand.

In a filing with regulators, J. Alexander’s executives said two of their subsidiaries last Friday and on Wednesday wrapped up the paperwork with Pinnacle Bank for the loans, which are part of a $349 billion fund authorized by the CARES Act and administered by the U.S. Small Business Administration. A subsidiary specific to the J. Alexander’s chain borrowed the maximum $10 million allowed under the CARES Act while a Stoney River unit borrowed $5.1 million.

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