) will return the small business loan it received from the U.S. government, the burger chain’s chief executive said on Monday, making it the first major firm to hand back money aimed at helping small businesses ride out the coronavirus impact.
The company will immediately return the entire $10 million SBA loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer saidLow-paid workers in the retail, restaurant and hotel industries have been among the hardest-hit by the coronavirus pandemic. Of the $342 billion small business bailout fund, the combined industry was allocated 18% of the total fund.
Shake Shack said the money it received could be reallocated to the independent restaurants “who need it most, haven’t gotten any assistance.” It has closed about half of its 120 locations worldwide, and furloughed or laid off more than 1,000 employees after sales fell 28.5% in March, the company said in a filing on April 17.
Source: News Formal (newsformal.com)
Should have made eligible company’s less than 50 or 100 employees if they really wanted to help actual small business
They shouldn’t return it . It will just get stolen by some unscrupulous government entity, they should keep it and give $500,000 to 20 struggling small businesses in their State . Pay it forward .
Keep in mind the PPP are merely loans for workers
Shake Shack, thank you for using the opportunity to help your business and workers by obtaining the loan, but THANK YOU THANK YOU for not ABUSING the opportunity and for helping your fellow American small business owners when you realized their needs outweighed your own. 👍
One of 2 10million dollar loans. They got busted creativly applying
Ruth Chris took 20 million. How many mom and pop restaurants went without
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