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Started By
Message
re: Shake Shack returns $10 million emergency government loan intended for small businesses
Posted on 4/20/20 at 8:32 pm to yatesdog38
Posted on 4/20/20 at 8:32 pm to yatesdog38
quote:Sonic is utter trash.
Shake shack is overrated. Sonic is way better.
0
Posted on 4/20/20 at 8:34 pm to John88
Sounds like an effective marketing ploy
Posted on 4/20/20 at 8:35 pm to FinleyStreet
quote:
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.
There is no intelligent discourse on this, or any other board. There are currently two groups.
Group 1: frick the government.
Group 2: companies suck.
There seems to be no way to fix these extreme opinions because you can't fix stupid. Stupid will refuse to look at anything but stupid.
Posted on 4/20/20 at 8:38 pm to rpr4695
quote:
More likely they were scared they were going to get caught by the media or a whistleblower before doing this.
Whistleblower? They are eligible for the loan based on how the bill was written.
Posted on 4/20/20 at 8:41 pm to msutiger
In curious why the legislation was written to allow this?
Who precisely decided to allow that?
If Shake Shack got funding, I have to believe a LOT of others did as well.
Who precisely decided to allow that?
If Shake Shack got funding, I have to believe a LOT of others did as well.
Posted on 4/20/20 at 8:41 pm to John88
Maybe I can get my $10k now
Posted on 4/20/20 at 8:43 pm to rpr4695
quote:
More likely they were scared they were going to get caught by the media or a whistleblower before doing this.
You somehow got 7 upvotes for being completely wrong.
They declined the money because they didn't want it or the strings. Not that they weren't eligible.
Whistleblower is not remotely in play but stupid follows stupid.
Posted on 4/20/20 at 8:46 pm to wm72
quote:
In curious why the legislation was written to allow this?
Restaurants have been negatively affected more than just about any other industry, so they lifted the 500 employee maximum that other industries are subject to.
Not saying it’s right, but it’s pretty simple. I believe there are a couple other industries that have no or ab elevated cap.
People need to understand that because the govt. wanted this money out the door as fast as possible, it’s about eligibility not need. Need based loans would require more underwriting and analysis time to determine who should and shouldn’t get it
Posted on 4/20/20 at 8:48 pm to John88
quote:
intended for small businesses
Dumbfricks keep saying this, but this is EXACTLY the way the bill was written by your Senators and Representatives. It contains specific language that allows certain large companies to qualify.
This was never "intended for small business". It is the same bullshite cronyism that has always existed in Congress.
This post was edited on 4/20/20 at 8:49 pm
Posted on 4/20/20 at 8:51 pm to dgnx6
quote:
How did they get it to begin with? They aren't franchised, it's one big company.
They allowed businesses with multiple locations to apply as long as they had no single location with more than 500 employees.
I am fine with them getting it in theory. But they should have been at the end of the line. Publicly traded companies had other ways of raising capital/assistance that your local mom and pop just do not.
This whole thing should have been tiered more and allowed smaller companies to stand a chance. Opening the flood gates allowed banks to pick and choose the big guys.
Nearly 50% of the money went to 5% of the applications. You tell me what that looks like.
Posted on 4/20/20 at 8:55 pm to borotiger
quote:
They declined the money because they didn't want it or the strings. Not that they weren't eligible.
Why apply for the money in the first place?
Posted on 4/20/20 at 8:58 pm to Bench McElroy
(no message)
This post was edited on 4/22/20 at 1:48 am
Posted on 4/20/20 at 10:06 pm to Evolved Simian
quote:
Taco Cabana lost $21 million.
Not surprised
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