- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Shake Shack returns $10 million emergency government loan intended for small businesses
Posted on 4/20/20 at 7:02 pm
Posted on 4/20/20 at 7:02 pm
quote:
Shake Shack is returning a $10 million loan it received from the U.S. government under an emergency program that was touted as a way to help small businesses pay workers and keep their operations running during the coronavirus crisis.
The burger chain was awarded the loan as part of the Paycheck Protection Program (PPP).
The $349 billion stimulus package, overseen by the Small Business Administration (SBA), ran out of funding last week.
Over the last few days, there has been a growing backlash over the distribution of the funds. Several media outlets have revealed how large chunks of the package were taken up by chain restaurants, hoteliers and publicly traded corporations, rather than small, local businesses.
Shake Shack CEO Randy Garutti and chairman Danny Meyer revealed their decision to give back the funding in an open letter Monday, saying that the NYSE-listed company no longer needs the money because they are "fortunate to now have access to capital that others do not." The burger chain has 189 U.S. locations, NBC News reported.
The company said in a filing Friday that it expects to be able to raise up to $75 million from investors by selling shares.
LINK
14
Posted on 4/20/20 at 7:04 pm to John88
Publicly traded companies shouldn’t be entitled to the SBA AND PPP loans.
That being said...
Germans
That being said...
Germans
Posted on 4/20/20 at 7:04 pm to John88
Sounds like they’re just trying to do the right thing and didn’t realize they would be taking from anyone else when they accepted the loan.
Posted on 4/20/20 at 7:04 pm to John88
That's sort of like paying $10 million with someone else's money for advertising
Posted on 4/20/20 at 7:05 pm to AtlantaLSUfan
quote:
Sounds like they’re just trying to do the right thing and didn’t realize they would be taking from anyone else when they accepted the loan.
Yea I call bullshite on that. More likely they were scared they were going to get caught by the media or a whistleblower before doing this.
Posted on 4/20/20 at 7:06 pm to John88
Shake shack is overrated. Sonic is way better.
Posted on 4/20/20 at 7:06 pm to John88
Reason #278 why Shake Shack is better than In-n-Out and Whataburger.
Posted on 4/20/20 at 7:06 pm to rpr4695
It’s also bullshite that Harvard took the money too
Posted on 4/20/20 at 7:06 pm to AtlantaLSUfan
quote:horseshite
Sounds like they’re just trying to do the right thing and didn’t realize they would be taking from anyone else when they accepted the loan.
Posted on 4/20/20 at 7:08 pm to yatesdog38
quote:
Shake shack is overrated
Shake shack sucks. Name another restaurant where you have to wait to get your food before you get a drink. Retarded.
Posted on 4/20/20 at 7:08 pm to John88
The worst part of all this is, no one is ever going to get this money now.
100% the SBA is not going to add this 10mil back to the pot and give it to businesses who actually needed it. They should have if anything just used it to pay for some employees to come back off of unemployment.
This is the worst of both worlds.
100% the SBA is not going to add this 10mil back to the pot and give it to businesses who actually needed it. They should have if anything just used it to pay for some employees to come back off of unemployment.
This is the worst of both worlds.
Posted on 4/20/20 at 7:11 pm to John88
How did they get it to begin with? They aren't franchised, it's one big company.
Posted on 4/20/20 at 7:51 pm to John88
Shouldn't have applied in the first place... no prop here
Posted on 4/20/20 at 7:52 pm to Woolfman_8
quote:
It’s also bullshite that Harvard took the money too
They ain't giving back shite.
Posted on 4/20/20 at 7:54 pm to dgnx6
Ruth’s Chris Steakhouse made $468 Million in revenue but gobbled up $20 million in small business relief. They also furloughed workers.
Posted on 4/20/20 at 7:59 pm to John88
Shake Shack is losing $1.5M per week and has already laid off 2000 employees as a result. They need the money. However, they were able to secure what they needed via public funding and thus were able to return the funding.
If you want to be pissed about it, be pissed about the way the legislation was written. Shake Shack didn't do anything wrong.
If you want to be pissed about it, be pissed about the way the legislation was written. Shake Shack didn't do anything wrong.
Posted on 4/20/20 at 8:01 pm to John88
Good for them?
Maybe?
Maybe?
Posted on 4/20/20 at 8:03 pm to FinleyStreet
(no message)
This post was edited on 4/3/23 at 3:31 am
Posted on 4/20/20 at 8:05 pm to Bench McElroy
quote:
Ruth’s Chris Steakhouse made $468 Million in revenue but gobbled up $20 million in small business relief. They also furloughed workers.
frick em
I’m glad they’re not the best steak option in my area
Posted on 4/20/20 at 8:26 pm to John88
Getting out in front of being greedy it appears
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News