Shake Shack is among more than a dozen big publicly traded firms to get approved for Paycheck Protection Program loans meant to save small businesses.
They said that the first round of PPP was underfunded but that they had no idea the $349 billion forgivable loan program would dry up so quickly. The company secured separate funding last week through a public stock transaction.
"We’ve decided to immediately return the entire $10 million PPP loan we received last week to the so that those restaurants who need it most can get it now," the executives said. Shake Shack is among more than a dozen big publicly traded firms to be approved for PPP loans, according to Bloomberg. The owners of Potbelly Sandwich Shop and Ruth’s Chris Steak House also were granted PPP loans, BloombergShake Shack's executives are urging Congress to bolster funding for the program to help out the restaurants that weren't served.
"With adequate funding and some necessary tweaks, the PPP program can provide the economic spark the entire industry needs to get back in business," the company said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
Shake Shack returns $10 million emergency loan to the US governmentShake Shack has returned a $10 million emergency loan touted as way to help small businesses. The company's CEO and chairman said it no longer needs the money because they are 'fortunate to now have access to capital that others do not.'
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.
Read more »
Shake Shack returning $10 million government loan meant for small businessesBREAKING: Shake Shack announces it's returning its $10 million government loan meant for small businesses struggling in the economic fallout from the coronavirus pandemic
Read more »
Shake Shack ‘Immediately’ Returning Its $10 Million Government LoanAfter receiving criticism for applying, Shake Shack's founder and CEO announced that they’ll immediately return the $10 million they received from the Paycheck Protection Program
Read more »
Shake Shack gets funding, to return 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
Read more »