BREAKING: Shake Shack announces it's returning its $10 million government loan meant for small businesses struggling in the economic fallout from the coronavirus pandemic
, 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.
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