A bread delivery is made to a Shake Shack restaurant in the Brooklyn borough of New York, Monday, March 16, 2020. Mayor Bill De Blasio is set to sign an executive order Monday shutting bars and restaurants. The order, which takes effect Tuesday, limits food service to takeout and delivery only.
But the company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return" the $10 million paycheck protection loan it obtained through the CARES Act. The letter said shutdowns due to the coronavirus pandemic threaten $800 billion in U.S. restaurant spending and are a severe challenge to both Shake Shack and to Meyer's Union Square Hospitality Group.
...only because it was exposed. Swampy. It's time to drain the TrumpSwamp. VoteBlue2020
Why did they apply in the first place?
This is a very noble gesture
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Shake Shack to return $10 million paycheck protection loanThe burger chain Shake Shack says it will return a small-business loan it got to help weather the coronavirus crisis after topping up its funding. Leave it to stable branding genius realDonaldTrump to re-label stimulus funds as 'protection' money. Like we need a reminder? This is great. How is Shake Shack a small business? noble
Source: latimes - 🏆 11. / 82 Read more »
Burger chain Shake Shack to return $10 million government loanShake 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. One of 2 10million dollar loans. They got busted creativly applying Ruth Chris took 20 million. How many mom and pop restaurants went without 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. 👍
Source: Reuters - 🏆 2. / 97 Read more »
Shake Shack to return $10 million paycheck protection loanThe burger chain Shake Shack says it will return a small-business loan it got to help weather the coronavirus crisis after topping up its funding. Leave it to stable branding genius realDonaldTrump to re-label stimulus funds as 'protection' money. Like we need a reminder? This is great. How is Shake Shack a small business? noble
Source: latimes - 🏆 11. / 82 Read more »