Shake Shack Will Return Its Entire $10 Million U.S. Government Loan
- Restaurant chain came under fire for securing government aid
- Smaller companies have been locked out from emergency funding
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Shake Shack Inc. will return a $10 million loan from the U.S. government amid criticism that the publicly traded burger chain and other larger companies gobbled up the emergency funding while smaller businesses were frozen out.
More than a dozen publicly traded companies with revenue topping $100 million received funds before the program ran out of money, according to a Bloomberg review of regulatory filings. Lawmakers in Congress are said to be near an agreement to top up the loan program, while also providing new funds for hospitals and coronavirus testing.