Shake Shack Returns $10 Million Small Business Loan After Facing Criticism | Eater
"A 140-location steakhouse chain received $20 million in PPP funding by applying through two subsidiaries, exceeding the usual $10 million cap per application, which drew scrutiny. Critics highlighted executive compensation as a potential pathway to loan forgiveness — the current CEO earned $6.1 million in 2018 and the former CEO still receives about $500,000 annually — and observers have speculated that large executive payrolls make it easier for corporate chains to meet forgiveness rules. The loans were administered through major banks, illustrating how pre-existing banking relationships helped larger operators access program funds." - Caleb Pershan
