Shake Shack returning $10M SBA loan
April 20, 2020
Shake Shack is returning a $10 million loan it received as part of the Paycheck Protection Program (PPP) overseen by the Small Business Administration. The upscale fast-food chains made the decision after seeing the many small businesses were unable to receive funds after the PPP ran out of funds. In an open letter, the company said it is “fortunate to now have access to capital that others do not.” It expects to raise up to $75 million for its business by selling shares. Shake Shack is listed on the New York Stock Exchange.
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