The CARES Act was created to put approximately $2 trillion dollars into small businesses that need it the most right now.
Restaurants and hotels were able to apply, so long as they had under 500 employees at a given location.
There has been a lot of backlash over all of this, and Shake Shack found themselves right in the middle.
Bloomberg reports that over a dozen publicly traded companies boasting revenues greater that $100 million got these small business loans, while there are plenty of actual small businesses that didn’t get any kind of money.
Shake Shack received a $10 million dollar loan for the Paycheck Protection Program, which upset quite a number of people.
In a letter published by Shake Shack’s CEO Randy Garutti and Chairman Danny Meyer, they’re talking about exactly why they’re giving this $10 million dollars back.