The famous America fast-food chain Shake Shack has returned $10 million incentive loan from the U.S. government for small businesses can use it.
Shake Shack, the fast-food chain that has restaurants in 280 locations across America, last week returned the government’s incentive loan for coronavirus for small businesses that still waiting for the loan to come out. It had been criticised when they announced $10 million incentive loan last week. The $ 350 million fund of government for the restaurants ran out in 2 weeks and businesses in need of support were unable to get the help. Shake Shack wrote in a statement that they lost $ 1.5 million each week they stayed closed and applied for that loan to pay employees ‘ salaries. The chain’s founder, Danny Meyer, said restaurants in need could benefit from the fund. Randy Garutti, CEO of Shake Shack, who prepared the statement with Danny Meyer, said the loan would be used to keep thousands of employees in work and to re-hire furloughed employees.