1. Shake Shack Received, Then Returned, $10 Million in Coronavirus Stimulus Funding

    Shake Shack Received, Then Returned, $10 Million in Coronavirus Stimulus Funding
    • Shake Shack is returning the $10 million US government loan it received as part of the coronavirus stimulus package after facing criticism for taking money meant for struggling small businesses.
    • Less than two weeks after the Paycheck Protection Program was introduced, the government department in charge ran out of money, and small business owners complained about being frozen out of the package...
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    1. Apply now, or we will run out of money by the time you finally get in line.
    2. Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long term stability through an equity transaction in the public markets.
    3. We're thankful for that and we've decided to immediately return the entire $10 million PPP loan we received last week to the SBA so that those restaurants who need it most can get it now.
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