Shake Shack Returns Small Business Loan
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From the Left
Shake Shack to return small business loan after uproar
Shake Shack plans to return a $10 million loan it received under an emergency small business rescue program, amid a growing backlash against big businesses that got the money before $350 billion in funding lapsed last week.
The burger chain was just one of several large restaurant operators and publicly traded companies that secured tens of millions of dollars in "Paycheck Protection Program" loans before the Trump administration announced Thursday that the funding was exhausted because of the high demand.
From the Center
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.
From the Center
‘confusing’ small-business loan program needs to change to provide a lifeline to ailing restaurants 
Shake Shack Inc.’s top executives are calling for improvements to the tangled process of applying for a loan from the Paycheck Protection Program that is meant to provide a lifeline to restaurants hit hard by the COVID-19 outbreak.
The PPP is part of the $2.2 trillion CARES Act.
The burger chain SHAK, +5.26% announced early Monday that it is returning the $10 million loan it was granted after it secured funding on Friday. The company decided to apply for the loan in the first place after trying to make sense...
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