, Danny Meyer, Shake Shack's founder and CEO of its parent company, CEO Union Square Hospitality Group, and Randy Garutti, Shake Shack's CEO, said the company pursued the loans because the law stipulated that it was open to any restaurant business with no more than 500 employees — which describes Shake Shack's more than 150 individual U.S. restaurants.
But they said they had no idea that the fund would dry up so quickly, and after they were able to secure separate funding last week,"we've decided to immediately return the entire $10 million" so restaurants that"need it most can get it now.""It's inexcusable to leave restaurants out because no one told them to get in line by the time the funding dried up," they wrote."That unfairly pits restaurants against restaurants.
Now, what about Ruth Cris Steakhouse? Oh...right, they cater to the wealthy. Maybe they'll choke on their steaks.
Harvard thecrimson TYFYS
ChrisCadieux5 Good!
They now have private funds and can do whatever they want. Smart move for the corporation maybe not the employee.
When I lived in Dallas everyone FL transplant was excited about Shake Shack coming to town. Five years later the same thing with In & Out Burger from CA transplants. They both sucked. Best burger chains. 1: Culver’s - Midwest 2: Whataburger - Texas
Will RuthsChris step up to the plate and do the same along with many others. Not counting on any hedge funds or PE's to do the same, you can't shame the devil.
FANTASTIC! WE NEED MORE OF THIS INITITIVE! GO SS!
Yep Fuck any restaurant taking the funds WHEN they don’t need to.
I shall find all Shake Shacks and order from them. Definitely not Ruths Chris.
Americans will be paying close attention to see which businesses and others do the right thing.
Five Guys still better
Good on them.
Harvard will keep their 9 million after laying off their kitchen staff
Well it's no wonder why my small business PPP of a mere $41K hasn't been funded yet!!
RuthsChris Jen_Royle
WHY DID THEY TAKE OUT A LOAN IN THE FIRST PLACE?! shakeshack - you literally have locations all over the US. And now there’s even shakeshackUK.
Thank you shakeshack I’ll be by for a crispy chicken sandwich.
They shouldn’t have taken it in the first place. Jerks.
And Ruth’s Chris Steak House? What about all the other big corporations that gobbled up money meant for small businesses. When does tnepublic shaming begin?
The mismanagement by this administration is mind boggling
Why did they apply in the first place?
As a small business owner, let me see that it happens first before I give thanks.
thank you for doing the right thing so other small businesses can get much needed help shakeshack - I will be ordering takeout from you tomorrow
Highly commendable... Bravo shakeshack Will other large corporate chains respond in kind?
Then they'll give that 10 million to Amazon or some shit
How about we all find out how many Trump enterprises are dealing down on stimulus. Come on folks , get gritty . Deets .....Cause you likely won't have to delve deep . Get at her ! Enough fluff .
Shake Shack, Ruth's Chris and other chain restaurants got big PPP loans when small businesses couldn't.
It's asinine they thought shakeshack qualified. It's even more asinine there isn't more oversight of this program.
If Shake Shack with a value of 1.6 billion got funding I wonder how much Trumps various businesses collected. Keep in mind separate corporate entities can make applications
Good job Danny Meyer!
Wow. What heroes. They never should have qualified as a small business in the first place.
shakeshack it is... somebody send me their menu... me and all my people are hungry.
“pursued the loan because the law stipulated that it was open to any restaurant location with no more than 500 employees — which describes Shake Shack's 189 individual U.S. restaurants”. YOU ARE A CHAIN NOT A SMALL BUSINESS!!!!
But they applied for it in the first place. Kind of a little too late now to return the money. Dont apply for th money in the first place.
Potbelly I will never step foot in one of your stores ever again
Shake shack is not small business.
Because that’s what heroes do.
Everyone go to Shake Shack!!!! respect shakeshack
❤️❤️❤️wow
Nice move 👍🏽
I'm a veteran left behind by Idiot. My ❤ is beating out of my chest. literally having panic attacks. I don't know what else to do? What am I doing wrong? It's all we have. 75% away from being able to have it turned back on for 60 days. PP luckymatt82 💸$luckymatt82 GoFund Me
Great!
Bingo this is what character And integrity looks like
How did they qualify for the money to begin with... give me a break!
ruthchrissteakhouse should be doing the same.
When’s RuthsChris giving back the 20 million they got?
So how many other companies on the NYSE with $500 million in revenue got small business bailouts
That's why strict management of the stimulus was necessary, Trump & his administration are paying their cronies money they don't deserve.
The irony of this is they’re still open.
Now THAT is a large chain that will see my money when they reopen for business. shakeshack The other ones? Not a penny.
How did they even qualify for the loan Like what. This is a good move for them to return it but they shouldn’t of had it in the first place. This country man.
10M? And govt tryin to not give me $1200 ?
hollyrpeete I’ll believe it when I see it!
Thank you, they have mad lines outside shake shack everday... Stop bailing out big business
I applaud this wholeheartedly. Still overrated tho.
hollyrpeete Ruth Chris Steakhouse should take note
That's the right thing to do. RuthsChris next?
What an integrity flex: 'Our people would benefit from a $10 million PPP loan, but we're fortunate to now have access to capital that others do not' is actually the $150mil the company just raised through selling stock. The deal closes Tuesday April 21st:
The fact that people are blaming Shake Shack for taking advantage of a program which lawmakers set up for them to abuse, defies logic. Don’t be mad at them. Take ur anger out on the good cop, bad cop lawmakers who made this raping of public funds possible!
RuthsChris your turn 🕰
Are you telling me there are loans where you don’t have to return the money? Clearly I’ve been doing this wrong.
RuthsChris will you do the same? You received 20 million which is TWICE the MAX. Not sure how you did that at the expense of small businesses, but last year you made 40million. PLEASE SHOW US YOU HAVE A HEART AND GIVE SMALL BUSINESSES THEIR MONEY BACK!!!
Who’s handing out mega millions like candy in the first place. This whole thing is a travesty. There are literally mothers who can’t feed their children but sure give an airline 100 million & a fast food place 10 or 50 million. Munchin needs to go to prison.
Thank you shakeshack !!
There goes my calls 🤦🏻
ThatGuyJerry I hope some of this money goes to you instead
CORPORATE THIEVES RETURN STOLEN MONEY AFTER BEING EXPOSED
They had no other choice... people would've boycotted them!!
rf_hypatia The best burgers on the planet!!!🤤🍔🍟
Now Ruth's Chris needs to follow suit
I was sad thinking I would have to boycott Shake Shack and never eat those cheese fries again. So glad they did the right thing! Thanks, shakeshack
RuthsChris now is your turn to return your $20 million that was given to you.
PortiaMcGonagal Cool, but they shouldn’t have taken it in the first place
kayleegreenlee True Character Integrity seldom seen! I'm impressed. May God Bless prosper your company beyond anything you can ask or think!
garywhitta E
Why were they even able to apply in the first place? Doesn't the application have some parameters about what constitites a small business?
Good neighbors. If I had one anywhere near me I'd go there once a week.
Receipts 🧾 please!
Means Shake Shack overcharges and underpays.
People are still buying shakes
They're only returning it because they got bad publicity for taking that loan. They took the $10 MIL first trying to claim their chain restaurant (with over a 100 locations in 24 states) was a 'small' business.
PattyArquette Good on you!!
brahmresnik Small business owner post: Give money directly to the people. The PPP allowed a bunch of six figure earners to cash in while 90% of small businesses never got help. It failed! The working people need this money to buy food and pay bills kyrstensinema SenMcSallyAZ
MrJonCryer Why did they/were they allowed to apply?
💩 apparently Shake Shack's shame shield shat all over itself.
GrooveSDC Only because shakeshack was called out for taking the money/loan approval when those of us who own small businesses aren’t getting squat.
I'll take Bad Publicity Measures for $100, Alex.
Everyone actual small business that I know can't get a loan. But the bigger companies that make millions were able to. Something is wrong here. (P.S. But good for Shake Shack for giving it back. Another reason to love them.)
How did they qualify for a SMALL business loan?
I'll actually keep eating there over that move, I'm both pleased and incredibly surprised. Good one shakeshack
hey shakeshack, the moment you open again in Singapore, i'll be the first in line
Omg if only all bigger corps did this....
JasunMarkXXX My families ‘Mom and Pop’ restaurant couldn’t even apply because the money was out and our bank wasn’t even able to submit our application. ☹️
trintran Gotta try it now reporter_laura
Why are corporations being bailed out? Reminds of trump taking 9/11 money for small business and he didn’t OWN a building in the World Trade Center. There’s a crook in charge of bailouts. He fired the oversight congress built in to enrich himself and his donors.
Will others like RuthsChris follow SRuhle
HOW ABOUT THE MILITARY STOPS TAKING ALL THE $$$ AND RESOURCES FOR ONCE OR MAYBE LIKE A WEEK!
karolcummins Shake Shack gets my hamburger business from now on!!!
Why did they apply for a loan anyway? For this kind of press when they 'returned' it?
Good now maybe real small businesses that really need it like my sister will be able to get help! Instead of selfish greedy companies like Ruth Chris Steak House stealing from the economy! shakeshack Thanks Shake Shack for helping to keep small businesses alive to thrive!
MrJonCryer I wish there was one of their restaurants by me I’d be sure to patronize it.
The fact they took it in the first place is appalling
They generate half a billion in a year. This is 10 million worth of marketing that costed them nothing.
How the hell did this happen? Why did the Democrats let the usual rich corporations get all the small business money as fucking usual? The GOP are theives but the Democrats grease their path! How the hell did this happen. What the fuck is Pelosi doing?! Screwing us over AGAIN!
MorganicInk The fact that they got it in the first place is a problem... who gave it to them?
Excellent! thank you.. now it’s RuthsChris and Potbelly’s time to do the same
good on them but tell me who approved their loan and what part about small business was missed here they have a 1.6 billion dollar market cap and how many others sucked up the money that should not have
Omg.. wtf thanks shack! This explains where my loan went!!! Wtf
Trump ALLOWED larger corps the ability to get some of this money, and that’s why it dried up so quickly. SS said once they realized this they decided to return the $. Trump should NEVER have allowed big co’s to get in on this, but Trump being a grifter himself, well...
Good!
Two words :
stoolpresidente right now.
should've never taken it to start with, but this is a good move on their part. I was ready to boycott them and it's a fave.
Proud of shake shack’s decision. Will be sure to eat there more often when this is all over.
dgershwin and Isn’t it ironic that realDonaldTrump didn’t even know what shakeshack was today, let alone the fact that they received money? 🤷🏻♀️
Wow shakeshack you guys are practically heroes for applying for SMALL business loans during a pandemic and then watching ACTUAL small businesses shit the bed. Oh thank you so much for giving money back that didn't belong to you. I'm guessing they're run by GOP
DanishaCarter4 Remind me to eat more shake shack
🍄rump greedy for shake shack takeout; will prolly refuse to allow the return of funds. Ya know it gotta be chaotic with the Impotus thug.
Trump will steal it, and split it with his accomplices.
cc: RuthsChris Since shakeshack did the right thing, it’s YOUR TURN to send the money back as well.
RuthsChris ...need all that SBA loan
Your move Harvard
I love shakeshack even if they don’t have the same belief as ChickfilA
acroperr They have just earned a future customer in me....
All these companies getting bailed out, but all we get is a measly $1,200 payment?
I'm no celebrity but we can help each other grow. Hit the follow botton and watch how fast I follow back.
Good now Harvard should do the same!
How do we get our money back from Harvard and LincolnCenter? reliefpackage COVID19
Good for them. Harvard could learn something...
Customer. For. Life.
shake shack; the baddest bitches really do come from new the east coast.
This money could potentially keep the doors open at 10 small critical access hospitals. These hospitals are typically the largest employer in their community.
👏👏👏
DrCSWilliam This was designed to help small businesses. It should be for businesses who have less than 50 employees. We need to save our mom & pop stores and restaurants, our independent physicians offices, movie theaters, subcontractors, landscapers, animal hosp, etc.
JennaUshkowitz Bravo 👏🏻
Return or shred the paperwork? Has any small business even got the actual funds they applied and were approved for yet?
And The Kennedy Center...I THINK small businesses would benefit much more than The Kennedy Center...yes, I love the arts but help the small businesses first!
What about you RuthsChris ? Real small businesses want their money back.
Good for them. Trump and his shady business friend are going to steal soooooo much money this way
They should have kept it and put together a financial team to move 75 % of the money to smaller burger joints themselves.
'You better!' The Who.
MrJonCryer How does a business with 189 stores have less than 500 workers?
Why did they apply for it in the first place?
MrJonCryer I'm guessing they're returning it because they'd rather layoff the workforce than have to pay the payroll taxes they'd incur on putting people on payroll that have nothing to do.
KaivanShroff Lead the way back to humanity!
DefenseBaron Who Signed Off On The Loan?
Good!
Harumph. 'Small Business' needs to be re-defined, btw. It's absurd.
Now do Harvard
Why did they qualify to begin with? They’re not hurting from this.
Big if true ☝️
Admirable, the world needs more of this.✨
Wow
They should be ashamed & the list will come out🤨 Restaurants who did NOT close & are a Big Chain can write off losses on their TAX RETURN for the 4-8 weeks.. Chain Stores are NOT hurting like REAL MomAndPop Small Businesses who were LEGALLY FORCED TO CLOSE Thats who its for😔
Why did shakeshack apply in the first place
Sorry they got caught lmao
This is amazing! I will support them too
DefenseBaron Yeah right. I’ll believe that when it happens.
I don't understand how they even got this amount.
Why? They are a business with employees too?
MichaelSkolnik Why in the hell are these loans going to big businesses, not small ones?
franklinleonard They better had or they would have lost out on a lot more once this thing is over.
18DianneM Thank you.
ElliottKellye Shouldn't had bee allowed to get and neither should TacoCabana
Now if only Harvard would do the same...
Way to step up Shake Shack. I’ll be sure to try your restaurant.
How about RuthsChris ?
AliAdair22 We need to see this more. Thank you Shake Shack.
MrJonCryer Kudos to Shake Shack. It's very noble - but - can Shake Shack trust this government to forward the money back to small buisnesses? Couldn't Shake Shack set up a relief fund on their own for small businesses? There should be more large business like you.🍔
For the Biden campaign?
Why did they take it in the first place?
CathyJoeGPT Danny Meyer is a stand up guy.
Why did they even apply? So wrong.
So shy did they apply for it in the first place
Are Potbelly & RuthsChris next up w refunds?
PattyArquette Scumbags remorse?
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