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Shake Shack will be returning a $10 million loan it received from a federal program aimed at helping small businesses.
The company was one of several large restaurant chains to collect millions from the $349 billion program, drawing a major backlash from the public.
Shake Shack's CEO and Chairman said "Until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours."
"We now know that the first phase of the PPP was underfunded, and many who need it most, haven't gotten any assistance," Meyer and Garutti wrote, urging Congress to ensure that "all restaurants no matter their size have equal ability to get back on their feet and hire back their teams."
"Our people would benefit from a $10 million PPP loan, but we're fortunate to now have access to capital that others do not," they wrote. "Until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours."
Other national chains to get loans under the program include Potbelly, Ruth's Chris Steakhouse, and J. Alexander's.
Should the other national chains step up and give back the money?
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