Shake Shack Returning $10M Paycheck Protection Money to Help Small Businesses
Shake Shack CEO Randy Garutti announced that in light of the governments Paycheck Protection Program running out of money, his company is giving their $10 million back to help smaller businesses pay their employees.
According to KATC, Garutti said via a statement on LinkedIn that Shake Shack has made the decision to immediately return the $10 million they received to the Small Business Administration.
Shake Shack met the requirements to receive the money so they could keep paying employees, but after the money ran out before smaller businesses got the help they needed, Garutti made the decision to give the money back.
From KATC.com -
"Few, if any restaurants in America employ more than 500 people per location. That meant that Shake Shack - with roughly 45 employees per restaurant – could and should apply to protect as many of our employees' jobs as possible"