Shake Shack Returning $10M Emergency Loan to Government
- 4 years ago
Shake Shack Returning $10M
Emergency Loan to Government The company was awarded
the loan as part of the
Paycheck Protection Program (PPP), an emergency program intended for small businesses
to be able to pay workers and keep things running
amid the COVID-19 health crisis. The loan was part of a
$349 billion stimulus package that
ran out of funding last week. There has been backlash over who is receiving the funds,
as several media outlets have reported that larger and
corporate businesses took much of the money. On Monday, Shake Shack CEO Randy Garutti
and chairman Danny Meyer revealed
their decision to return the money. Garutti and Meyer, via open letter on LinkedIn According to CNN, the burger chain expects to be able to
raise up to $75 million from investors by selling shares. Garutti and Meyer are calling on the
Small Business Administration to
increase funding to the program. President Donald Trump spoke
about the issue on Sunday. President Donald Trump, via CNN
Emergency Loan to Government The company was awarded
the loan as part of the
Paycheck Protection Program (PPP), an emergency program intended for small businesses
to be able to pay workers and keep things running
amid the COVID-19 health crisis. The loan was part of a
$349 billion stimulus package that
ran out of funding last week. There has been backlash over who is receiving the funds,
as several media outlets have reported that larger and
corporate businesses took much of the money. On Monday, Shake Shack CEO Randy Garutti
and chairman Danny Meyer revealed
their decision to return the money. Garutti and Meyer, via open letter on LinkedIn According to CNN, the burger chain expects to be able to
raise up to $75 million from investors by selling shares. Garutti and Meyer are calling on the
Small Business Administration to
increase funding to the program. President Donald Trump spoke
about the issue on Sunday. President Donald Trump, via CNN