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Stock impact report

Burger chain Shake Shack to return $10 million government loan [Reuters]

Shake Shack, Inc. Class A (SHAK) 
Last shake shack, inc. class a earnings: 2/24 04:05 pm Check Earnings Report
Company Research Source: Reuters
Burger chain Shake Shack to return $10 million government loan (Reuters) - Shake Shack Inc ( SHAK.N ) will return the small business loan it received from the U.S. government, the burger chain’s chief executive said on Monday, making it the first major firm to hand back money aimed at helping small businesses ride out the coronavirus impact. The company will immediately return the entire $10 million SBA loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said here in a blog post on Monday. Last week, it raised about $150 million in an equity offering. Low-paid workers in the retail, restaurant and hotel industries have been among the hardest-hit by the coronavirus pandemic. Of the $342 billion small business bailout fund, the combined industry was allocated 18% of the total fund. SBA, which is a key part of the government’s $2.2 trillion aid package, is aimed at helping small companies keep paying their employees and their basic bills during th Show less Read more
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