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Shake Shack returns $10 million PPP loan meant for coronavirus-hit small businesses

20 Apr 2020

“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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This content was originally published by Fast Company. Original publishers retain all rights. It appears here for a limited time before automated archiving. By Fast Company

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