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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.