Shake Shack Returns $10 Million PPP Loan Amid Criticism Of Restaurant Chains Receiving Stimulus Funds.
Considering this, how did shake shack qualify for PPP?
Shake Shack, a publicly traded company with 8,000 employees and 189 restaurants in the U.S., was included in the program thanks to a rule that allowed any business with 500 or fewer employees per location (not in total) to apply.
Furthermore, why did Shake Shack have 10 million? Shake Shack is returning a $10 million federal loan after the Paycheck Protection Program that was meant to help small businesses ran out of money in less than two weeks of operation.
Similarly one may ask, why did shake shack return PPP?
The official reason the company decided to return the funds, Meyer and Garutti stated, was because “Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long-term stability through an equity transaction in the public markets.” Due to that, the company made the choice …