Shake Shack will be returning a $10 million loan it received from a federal program aimed at helping small businesses. The company was one of several large restaurant chains to collect millions from the $349 billion program, drawing a major backlash from the public. Shack’s CEO and Chairman said “Until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours.” Other national chains to get loans under the program include Potbelly, Ruth’s Chris Steakhouse, and J. Alexander’s.
In recent days, it's been revealed how large chunks of funds in the Paycheck Protection Program were gobbled up by chain restaurants, hoteliers and publicly traded corporations. https://t.co/Vj9EYVhW37
— CNN (@CNN) April 20, 2020
Should the other national chains step up and give back the money? How did they get approved for it in the first place?
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