Burger chain Shake Shack says it has obtained new funding and will return small-business loan it got to help weather coronavirus crisis.
A bread delivery is made to a Shake Shack restaurant in the Brooklyn borough of New York, Monday, March 16, 2020. Mayor Bill De Blasio is set to sign an executive order Monday shutting bars and restaurants. The order, which takes effect Tuesday, limits food service to takeout and delivery only.
But the company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return" the $10 million paycheck protection loan it obtained through the CARES Act. The letter said shutdowns due to the coronavirus pandemic threaten $800 billion in U.S. restaurant spending and are a severe challenge to both Shake Shack and to Meyer's Union Square Hospitality Group.
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