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Tuesday, April 21, 2020

Shake Shack to return $10M government loan, here’s why

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 $10 million SBA loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post on Monday. Last week, it raised about $150 million in an equity offering.

Low-paid workers in the retail, restaurant and hotel industries have been among the hardest-hit by the coronavirus pandemic. Of the $342 billion small business bailout fund, the combined industry was allocated 18% of the total fund.

SBA, which is a key part of the government's $2.2 trillion aid package, is aimed at helping small companies keep paying their employees and their basic bills during the shutdowns, so that they are able to reopen quickly when public health allows.

More
https://www.foxbusiness.com/markets/shake-shack-to-return-10-million-government-loan
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3 comments:

  1. wrenchApril 21, 2020 at 8:21 PM

    There are a lot of publicly traded companies that need to give it back also. The money was meant for SMALL BUSINESS

    ReplyDelete
  2. AnonymousApril 22, 2020 at 10:04 AM

    I'm retired and on social security and still receive the same monthly amounts I'm used to receiving. I plan to give my stimulus check to those who need it. I hope others will do the same.

    ReplyDelete
  3. AnonymousApril 22, 2020 at 12:02 PM

    Millions of dollars are TIED up while the damn Govt sends the $$$$ to

    Big Business instead of small Business !!!! UNFORGIVABLE !!!! 2020

    Now SB has to wait longer to get the $$$ re-directed again !!!

    While alot of them go OUT of business by the time they get it !!!!!

    ReplyDelete

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