Hong Kong Shake Shack is returning a $10 million loan it received from the US government under an emergency program that was touted as a way to help small businesses pay workers and keep their operations running during the coronavirus crisis.
The burger chain was awarded the loan as part of the Paycheck Protection Program . The $349 billion stimulus package, overseen by the Small Business Administration , ran out of funding last week. Over the last few days, there has been a growing backlash over the distribution of the funds. Several media outlets have revealed how large chunks of the package were taken up by chain restaurants, hoteliers and publicly traded corporations, rather than small, local businesses.
Of course shakeshack
Why did they apply in the first place? Seems disingenuous to now claim a higher moral standard in giving it back.
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sazymae well there's one company... ... maybe others will step up and the SmallBusinesses will get a shot at the help they need
That is what it's all about ! I applaud you , youve got my business in the future !
Should not have evn applied for it ... dig deeper there is more and he does not deserve credit for returning.
They’re returning it because they got caught it was that simple
Harvard like....🤬
And I’ll be in your restaurant when this is over!! Well done.
The question still remains: why did ShakeShack apply to begin with knowing that they are so “fortunate”? This $10 M that’s going back to the gov’t pot could’ve saved several small businesses that won’t survive to the next round of funding.
Why the F should they have had access to the money in the first place? they are not a small business!!!!
Under no terms would Shake Shack be a Small Business so wtf would they be confused? What you do now will define your brand for the next 10 years! Way to go shakeshack !
Only reason the public knows about how much they got is because it’s a publicly traded company. Why are publicly traded companies eligible?
Haters gonna hate but they did what was right in the end & should be commended for looking for other options to help others who need it more. RuthsChris has similar annual revenue & has the ability to find the same options for funding rather than taking $20MM from the little guy
2/ were at the gates and grabbed all the money, leaving most smaller businesses out to dry. That change should have never happened in that law
Weird flex UncleKebz EasyBeingKing
Shooters shoot. Looks like they were looking to drink all the small business loan milkshake for themselves.
1/ here is the real problem. No one has anything against Shake Shack or Ruth Chris etc. But congress at the last minute made the qualification go from 'less than 500 employees' to 'less than 500 employees per location' as a result larger companies with better ties to banks...
It's hard to give back money they wiped there a$$ with but you are humans after all. GOP WhiteHouse stevenmnuchin1 SenateDems
What was Shady Shit before is, Shady Shady ~really~ Shady Shit now. Wonder how much interest can be made on 10Million for several days?
Curious how many other larger companies, that don’t need it, scammed the system. Also I’m assuming this is partly why the small business loan thingy ran out of money.
Shake Shack is shook by the negative publicity.
Sports_bios SHAKE nice $10M free advertisement$. 👍
Shake Shack was forced to give back the money because they didn’t want bad publicity. That’s the reason.
Thank you, Shake Shack! We are a Mom & Pop chiropractic business. We only need about 10,000 to survive a few months and then I am sure we will pick up! But the banks ran out of money first so we are on our own. All of our employees laid off. It is just Mom & Pop to run the show!
Wow, what a decent move. So many small family owned restaurants desperately need that money.
I guess by the street sign that it's in Manhattan, a bit far for me to go to patronize but I would if I could even though I usually don't go to places like that. I am impressed. If you live nearby, please show your support and appreciation.
as the gov will line their pockets with that money
Once restaurants open back up Shake Shack will be the first one I visit. Thank you!
Wise PR move worth more than $10 million!
Shake Shack should shake the consciousness of corporate companies
good
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