Shake Shack to return entire $10 million U.S. government loan after facing widespread criticism

The company has laid off, furloughed hundreds of its employees
Virus Outbreak Shake Shack
Posted at 5:32 AM, Apr 20, 2020
and last updated 2020-04-20 05:32:15-04

The burger chain Shake Shack says it will return a small-business loan it got to help weather the coronavirus crisis after topping up its funding.

The company's CEO, Randy Garutti, and its founder Danny Meyer said Monday the chain has laid off or furloughed hundreds of its employees and needed the assistance.

In a statement they said they were able to get extra funding late last week through an “equity transaction" and decided to immediately return the $10 million paycheck protection loan obtained through the CARES Act.

They said Shake Shack was returning the money “so that those restaurants who need it most can get it now."

Click here for full coronavirus coverage.