Shake Shack to return US government’s coronavirus loan
The company says it was able to raise capital and small firms sidelined by state aid need the money more
Bengaluru — Shake Shack said it will return the small business loan it received from the US government, making it the first big firm to hand back money provided to help businesses ride out the coronavirus lockdown.
The company will immediately return the entire $10m Small Business Administration (SBA) loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post (https://www.linkedin.com/pulse/shake-shack-returning-its-ppp-loan-heres-why-randy-garutti/?trackingId=95PlIjgRRoWmTNyoj0XR5A%3D%3D) on Monday. Last week, it raised about $150m in an equity offering...