Shake Shack will return its entire $10 million Paycheck Protection Program loan from the federal government that it received as part of the coronavirus stimulus bill, the burger chain’s leaders said in a LinkedIn post Sunday night.
Why it matters: The New York-based firm was among several restaurant chains to attract criticism for taking the loan, designed to protect small businesses from the fallout of lockdowns and other restrictions aimed at curbing the spread of COVID-19.
- The $349 billion cap for small business loans for the coronavirus stimulus was reached last Thursday.
What they’re saying: “The “PPP” came with no user manual and it was extremely confusing,” said Danny Meyer, Shake Shack’s founder and CEO of its parent company, Union Square Hospitality Group, and Shake Shack CEO Randy Garutti in the statement.