Shake Shack has returned a $10 million emergency loan touted as way to help small businesses.— CNN (@CNN) April 20, 2020
The company's CEO and chairman said it no longer needs the money because they are "fortunate to now have access to capital that others do not." https://t.co/kBdpd3vl1R
Shake Shack, one of several large restaurant chains that got federal loans through the coronavirus stimulus law meant to help small businesses, said Sunday night that it is giving all $10 million back only after getting major backlash.
“We’re thankful for that, and we’ve decided to immediately return the entire $10 million P.P.P. loan we received last week to the S.B.A. so that those restaurants who need it most can get it,” the company said in a statement from Danny Meyer, the chairman of Shake Shack, and Randy Garutti, its chief executive.
Your move Ruth’s Chris, Potbelly, Taco Cabana, etc.