Shake Shack Returns $10 Million Small Business Loan After Facing Criticism | Eater
"After taking a $10 million PPP loan that drew heavy public criticism, the chain’s founder Danny Meyer and CEO Randy Garutti announced via LinkedIn that they would immediately return the money after securing additional capital in a public equity transaction. The publicly traded company — with roughly 8,000 employees and 189 U.S. restaurants — was eligible under an SBA rule allowing businesses with 500 or fewer employees per location to apply, but executives acknowledged the program left many independents out and blamed underfunding and inconsistent access. They called for more funding, assignment of each restaurant applicant to a local bank, and flexibility on rehiring deadlines tied to reopening; the announcement reignited debate over large chains tapping forgivable payroll loans intended for small businesses." - Caleb Pershan
