Shake Shack Returning $10M Emergency Loan to Government The company was awarded the loan as part of the Paycheck Protection Program (PPP), an emergency program intended for small businesses to be able to pay workers and keep things running amid the COVID-19 health crisis.
The loan was part of a $349 billion stimulus package that ran out of funding last week.
There has been backlash over who is receiving the funds, as several media outlets have reported that larger and corporate businesses took much of the money.
On Monday, Shake Shack CEO Randy Garutti and chairman Danny Meyer revealed their decision to return the money.
Garutti and Meyer, via open letter on LinkedIn According to CNN, the burger chain expects to be able to raise up to $75 million from investors by selling shares.
Garutti and Meyer are calling on the Small Business Administration to increase funding to the program.
President Donald Trump spoke about the issue on Sunday.
President Donald Trump, via CNN
