Shake Shack has returned a $10 million emergency loan touted as way to help small businesses. The company's CEO and chairman said it no longer needs the money because they are 'fortunate to now have access to capital that others do not.'
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.
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