Shake Shack Inc 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 US$10 million SBA loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said https://www.linkedin.com/pulse/shake-shack-returning-its-ppp-loan-heres-why-randy-garutti/?trackingId=95PlIjgRRoWmTNyoj0XR5Aper cent3Dper cent3D in a blog post on Monday. Last week, it raised about US$150 million in an equity offering.
Shake Shack said the money it received could be reallocated to the independent restaurants"who need it most, haven't gotten any assistance." On Sunday, President Donald Trump defended restaurant chains, hotel operators and hedge funds accessing funding meant for small businesses.