Shake Shack Received, Then Returned, $10 Million in Stimulus Funding
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Shake Shack has determined to return a $10 million mortgage they acquired from the U.S. authorities as a part of its coronavirus stimulus, after being amongst a number of massive chains criticized for taking cash from a program meant to assist struggling small companies.
Shake Shack is likely one of the hottest burger chains in the world, working greater than 200 eating places throughout numerous nations, and final yr making almost $595 million in income.
In a press release posted to LinkedIn Sunday evening, chairman Danny Meyer and CEO Randy Garutti defined that whereas their firm certified to obtain help as a part of the Paycheck Safety Program (PPP), they’d no concept that the fund would run out in lower than two weeks, and are returning their mortgage to assist companies that want the cash extra.