Shake Shack Received, Then Returned, $10 Million in Stimulus Funding
Having laid off or furloughed a whole lot of employees in the course of the coronavirus disaster, and working at a lack of $1.5 million every week, Meyer and Garutti stated they determined to use for the mortgage in order “to protect as many of our employees’s jobs as possible.”
However what they did not notice, they wrote, is that this system was “underfunded” and that “many who need it most haven’t gotten any assistance.”
“There was no fine print, anywhere, that suggested: ‘Apply now, or we will run out of money by the time you finally get in line,'” Meyer and Garutti wrote.
Meyer and Garutti stated they determined to return their mortgage in full after securing what they imagine is sufficient cash to maintain them afloat for now.