NEW YORK, April 20 — Upscale burger chain Shake Shack said it had returned US$10 million (RM44 million) received from a US small business loan programme, raising fresh questions about how the emergency financing is being managed as Congress negotiates over adding funding. Shake Shack said...
Shake Shack said yesterday night it returned the loan it had received from the Small Business Administration under its Paycheck Protection Programme. — AFP pic
Treasury Secretary Steven Mnuchin, who is working with Washington lawmakers to boost funding for the PPP, said on Twitter today he was “glad” that Shake Shack returned the funds. Businesses with fewer than 500 employees can apply for the PPP, which covers eight weeks of payroll or rent and converts to grants if companies maintain their employees or rehire laid-off workers by June 30.
Garutti and Meyer said they did not realise until last week that the PPP funds would run out and opted to return the US$10 million after they obtained financing from private sources.
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