Burger Chain Shake Shack to Return $10 Million Government Loan
Shake Shack Inc said it will return the small business loan it received from the U.S. government, making it the first major firm to hand back money provided to help businesses ride out the impact of the coronavirus lockdown.
The company will immediately return the entire $10 million U.S. 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 on Monday.
Last week, it raised about $150 million in an equity offering.
SBA, which is a key part of the government's $2.2 trillion aid package, is aimed at helping small companies...
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