Shake Shack Returns $10 Million Loan To U.S. Program For Small Businesses

Source: NPR »

Shake Shack is returning a $10 million federal loan after the Paycheck Protection Program that was meant to help small businesses ran out of money in less than two weeks of operation. The burger chain and other large businesses were able to get the money because the program covers any company with fewer than 500 workers in a single location.

“Few, if any restaurants in America employ more than 500 people per location,” Shake Shack CEO Randy Garutti wrote in a statement early Monday morning. “That meant that Shake Shack — with roughly 45 employees per restaurant — could and should…

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