Shake Shack said it would return a small business loan it received from the U.S. government as part of covid-19 relief package.
The fast casual restaurant chain 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 received through the CARES Act, (the Associated Press reported).
CEO Randy Garutti and founder Danny Meyer said, “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”. They added, “We’re thankful for that and we’ve decided to immediately return the entire $10 million PPP loan we received last week so that those restaurants who need it most can get it now”.