Shake Shack Gives Back $10M Paycheck Protection Program Loan: Too Little Too Late?
CHARLOTTE, N.C. – Shake Shack gives back – sorta. The burger chain says it will give back the $10 million loan it got from the Paycheck Protection Program (PPP) because the company says it was able to access the additional capital it needed to ensure long term stability. Shake Shack leaders say they were confused by the terms of the PPP and didn’t know the funds would be sucked up so fast.
There are critics who say Shake Shack only gave the money back after being criticized, or that they should have kept the money and given it to small businesses directly, instead of back to the feds.
This episode’s panel features:
WCCB TV’s Morgan Fogarty
WCCB News @ Ten anchor Drew Bollea
WCCB News @ Ten reporter Alexandra Elich