Shake Shack Explains Why They’re Returning The $10 Million Dollar Loan They Got From The Government For Small Businesses

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.

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