Shake Shack To Return $10 Million In PPP Loans
Shake Shack has announced they'll be returning millions of dollars in loan money meant to assist small businesses. With one Hudson Valley location, they have not grown their footprint in the area yet but these loans affect businesses across the country.
The Paycheck Protection Program or PPP was designed to help small companies cover their payroll. It was found that several large companies applied for and got loans despite millions in profit over the last year.
NBC News reports the program set aside nearly $350 billion but funds dried up quickly as many businesses are struggling. Shake Shack founder and CEO Danny Meyer took to LinkedIn Sunday night to announce the company would be returning funds saying they applied in an attempt to keep their workers getting paid. But he has no idea the money would dry up so quickly so they'd be returning it so those who need it more can benefit.
Shake Shack has one Hudson Valley location in Central Valley. They are currently closed temporarily due to the COVID-19 pandemic.
What do you think of this move to return the $10 million? Would you like to see more Shake Shacks in the area?