ATLANTA — Burger chain Shake Shack is returning $10 million in forgivable government loans.
The Paycheck Protection Program set aside $349 billion to help small businesses keep its workers on the payroll, but less than two weeks after it started, it ran out of money.
Several small business owners weren't able to get the loans and were surprised to learn more than a dozen large chains, like Shake Shack, had been approved.
"Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long term stability through an equity transaction in the public markets. We’re thankful for that and we’ve decided to immediately return the entire $10 million PPP loan we received last week to the SBA so that those restaurants who need it most can get it now,"Randy Garutti, CEO of Shake Shack, wrote in a statement.
Congress is reportedly close to a deal that would provide an additional $310 billion into the program.
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