Shake Shack’s Repaid $10 Million PPP Loan Cannot Be Used To Make New Loans To Small Businesses

The $10 million Paycheck Protection Program loan that Shake Shack is giving back cannot be used by the government to fund new loans to small businesses because of the way the program was structured.

The $349 billion Paycheck Protection Program ran out of funds last week, locking out small businesses that were unable to secure access to the emergency lending program that is being run by the federal government’s Small Business Administration.