“The ‘PPP’ came with no user manual and it was extremely confusing,” Shake Shack’s founder and CEO said in an open letter.
Shake Shack, the fast-food burger chain worth over $1.6 billion, has decided to return the $10 million Paycheck Protection Program (PPP) loan that it was awarded after it applied for emergency funds that were aimed at helping small businesses through the economic effect of the COVID-19 pandemic. The PPP program originally set out $349 billion for small businesses, but all the funds ran dry last week.
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