The burger chain Shake Shack says it will return a small-business loan it got to help weather the coronavirus crisis after topping up its funding.
The PPP was supposed to save our small restaurants and businesses. But where’s the money?
Shake Shack has 189 restaurants in the U.S. that employ nearly 8,000 people. It said it is still operating many outlets while closing its dine-in facilities. Union Square Hospitality Group, with more than 2,000 employees, suspended its business in March. Like many big companies, both qualified for the government loans, the statement said, because their outlets employ fewer than 500 workers each.
Funding for the small-business loans has fallen far short of what is needed. The Trump administration and Congress on an additional aid package of up to $450 billion to boost the small-business loan program that has run out of money and add funds for hospitals and COVID-19 testing.“We urge Congress to ensure that all restaurants no matter their size have equal ability to get back on their feet and hire back their teams,” Garutti and Meyer said. “Fund it adequately. It’s inexcusable to leave restaurants out because no one told them to get in line by the time the funding dried up.
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